Hi guys,
Its been an ugly week for the Bull as we had a fake out above the Bullish flag which later turn to present itself as a BULL TRAP so far as price drop down from the top to close under the flag trendline again.
So far, we are still in good territory for the BULL if they can keep holding of price above RED trendline shown on the chart which should equivalent to price holding above 9700$.
I expect immediate reversal from 10300$-10400$ which will hit another massive resistance around 11000$-11200$ zone.
Two points are important for us to take note of:
1. Price action towards 11000$-11200$:
If Bull breakthrough this zone we will resume upside move again with immediate target towards 13000$-14000$ zone. While any rejection from this zone will send us down to test out massive supports towards 9700$-9800$, this zone is what I tagged as MUST HOLD ZONE.
2. Price action towards 9700$-9800$:
This is a must hold zone and any breakdown from here will activate full BEAR Mode with targets towards 7250$-7500$ where we have the last leg for the Bullish flag.
Do know that I appreciate you taking the time to read my posts and Please leave a LIKE and FOLLOW us for more updates. I would really appreciate it.
Thank you for your support.
Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
Its been an ugly week for the Bull as we had a fake out above the Bullish flag which later turn to present itself as a BULL TRAP so far as price drop down from the top to close under the flag trendline again.
So far, we are still in good territory for the BULL if they can keep holding of price above RED trendline shown on the chart which should equivalent to price holding above 9700$.
I expect immediate reversal from 10300$-10400$ which will hit another massive resistance around 11000$-11200$ zone.
Two points are important for us to take note of:
1. Price action towards 11000$-11200$:
If Bull breakthrough this zone we will resume upside move again with immediate target towards 13000$-14000$ zone. While any rejection from this zone will send us down to test out massive supports towards 9700$-9800$, this zone is what I tagged as MUST HOLD ZONE.
2. Price action towards 9700$-9800$:
This is a must hold zone and any breakdown from here will activate full BEAR Mode with targets towards 7250$-7500$ where we have the last leg for the Bullish flag.
Do know that I appreciate you taking the time to read my posts and Please leave a LIKE and FOLLOW us for more updates. I would really appreciate it.
Thank you for your support.
Note:
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
Trade active:
The question now is will binance go for its low as well, that will be a move towards 9500$ or market continues without looking back. Bitmex chart already show a potential reversal signal with nice hammer formation that later painted Morning star on 4hours timeframe this formation formed on a strong support zone. In respect to this i believe we are at strong Bottom. I expect BTC to start crawling back towards 11k zone.
Let keep an eyes on Binance and see what it have to do for the low.
Let keep an eyes on Binance and see what it have to do for the low.
Trade active:
price approaching strog resistance around 10900-11100. A break of this zone will open the door for 11500-11750$
Trade active
Trade active
Trade active
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