Bitcoin is now at a a very important area which is considered to be a resistance/ liquidity zone. So what does this mean for the upcoming days and what we should be expecting from price action??
As we can see bitcoin hit exactly on the wall of our resistance area but did not manage to break through.
Here are the scenarios to look out for from bitcoin in the next few days:
1. As seen in the area marked as "1", Bitcoin managed to push through this area with a nice impulsive movement, then retraced to retest the area as a support level, once we managed to maintain support, continued the uptrend.
2. Unfortunately areas "2" & "3", show what happens when BTC and back down to retest this area as support but failed as well as when it came up to test as resistance and got rejected.
3. So in the upcoming days we have an idea of what to expect. In order for BTC to maintain the current impulsive reversal, we would need to break though this zone and possible retest this area as support (around 53K), in order for us to see the next leg of this bullish cycle. Failing to break this area or finding rejection, BTC might be looking at going back down to test the last level of resistance which is around the 47-48K area.
!! PLEASE USE CAUTION TRADING IN THESE AREAS, ESPECIALLY WHEN HIGHLY LEVERAGED!!
As we can see bitcoin hit exactly on the wall of our resistance area but did not manage to break through.
Here are the scenarios to look out for from bitcoin in the next few days:
1. As seen in the area marked as "1", Bitcoin managed to push through this area with a nice impulsive movement, then retraced to retest the area as a support level, once we managed to maintain support, continued the uptrend.
2. Unfortunately areas "2" & "3", show what happens when BTC and back down to retest this area as support but failed as well as when it came up to test as resistance and got rejected.
3. So in the upcoming days we have an idea of what to expect. In order for BTC to maintain the current impulsive reversal, we would need to break though this zone and possible retest this area as support (around 53K), in order for us to see the next leg of this bullish cycle. Failing to break this area or finding rejection, BTC might be looking at going back down to test the last level of resistance which is around the 47-48K area.
!! PLEASE USE CAUTION TRADING IN THESE AREAS, ESPECIALLY WHEN HIGHLY LEVERAGED!!
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