It is still early in the month, and the week has only just started, but Bitcoin is now trading
below a major support level which has now turned resistance.
Last month, price bounced off the December 2017 high support level at $19,666. The sellers
have taken control so far this month but will price close above this level by the end of the month.
Bitcoin has been displaying signs of weakness since November 2021, so we are now waiting
for a strong support level to prevent price from declining further.
Once we see a change in this market’s behaviour, we will look for opportunities to go long.
The early signs of a bullish reversal is a pattern of higher highs and higher lows on the daily
timeframe. The next sign is price breaking above multiple resistance levels. Patience until then.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
below a major support level which has now turned resistance.
Last month, price bounced off the December 2017 high support level at $19,666. The sellers
have taken control so far this month but will price close above this level by the end of the month.
Bitcoin has been displaying signs of weakness since November 2021, so we are now waiting
for a strong support level to prevent price from declining further.
Once we see a change in this market’s behaviour, we will look for opportunities to go long.
The early signs of a bullish reversal is a pattern of higher highs and higher lows on the daily
timeframe. The next sign is price breaking above multiple resistance levels. Patience until then.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
