BTCUSDT at daily support and likely to head up
And here comes the setup as promised. The price has hit the daily support and has bounced from there although not significantly. Howeverm it is currently trading above that zone and it seems likely that the price will push upwards during the day and that should result in a green daily candle today. We will reevaluate the price action at the end of the day to see where we might be heading. But for now this is the plan as presented below.
Comment:
The price has moved upwards and that is what we were expecting as well after taking the long trade from the daily support DS1. In the last chart, I did not add this 4h resistance 4HR1 which is on the way towards daily resistance DR1. This resistance has been added now and that is a good place for booking some profit. I think thats a good level for some pullback in case the price still has scope to move upward beyond this 4HR1 resistance. We will observe that but first we book some profit. In case of a pullback I will evalaute that pullback and add to the position again if seems favorable and share the chart with you having the level information where it shall be added.
Comment:
So I have already grabbed some here and added to the position. I have adjusted the 4HS1 support a bit and moved it up as looking at the price action, it seems that the price will bounce from from that level itself. It may go down a bit further to the orirginal support level marked in the last post, but thats not far and we dont want to miss adding to the position here just for a few dollars difference.
Comment:
The price has bounced from 4h support zone 4HS1. Indeed the price visited our original 4HS1 zone which I shared earlier and demanded us to be a bit more patient but we were a bit impatient and missed a bit better entry to add to our position. Anyways, we have done well and as always a regular practice of taking profit, I will book some profit at 4HR1 zone which is now redrawn on the chart.
Comment:
As planned, we booked profit at 4HR1 level which is a 4h resistance zone. Now the price is pulling back from that resistance zone. Now my plan is to add to the position at LTFS1 which is a low time frame support and I believe will hold the price on this pullback and probably make it move up as well. Lets see how it progresses.
Comment:
The price visited LTFS1 after the pullback from 4HR1 level where we took the profit. This visit of LTFS1 filled our orders and I have added to my position. As you can see that the price is bouncing from that LTFS1 support zone. Lets see where it goes from here.
Comment:
The price has hit our target and therefore I am closing the long position completely here. As we expected, the price bounced from LTFS1 where we added to our position after taking some profit before the pullback. The price is currently trading around daily resistance and I believe a pullback is on the way. Theoretically a short is favorable here at least to 69k region but I will not share any short setup as the momentum is on the other side but I will take some small position. Anyway, we will look for that pullback and look for a new long opportunity on that pullback. I will share the setup in case I identify one and take the trade.
