Horizontal Support Resistance Levels in a Trend
USDJPY broke out this morning at 105.81 Now the market is retracing to the breakout zone. The prior resistance becomes now a support level. I expect a rebound and probably new highs. The stop loss should be below the support zone at 105.60
In the bullish scenario the previous resistance level remains support and price will continue to rise. I don't feel the gbp has enough strength to keep pushing up but this is still a valid scenario. I will post my bearish scenario as well plz tell me which one u think Is more likely to occur in the comments :) .
Thank you for your continued support :) Strategy: Moving Averages Formation Bias: Bullish. Moving averages aligned. Breakout with retracement at key fibonacci level. Stop-loss: The region between 0.365 and 0.385 as resistance becomes support, but volatility causes price to have candle shadows/wicks that violate into this region. 1st Target: 0.445 2nd Target:...
Bitcoin Weekly Chart: Bitcoin has found support on the previous resistance line as shown on the weekly chart above. If Bitcoin can his can close this current week with a green '1' above the blue trend line, the bear market could finally be over! This is not financial advice, as I am a self-taught investor.
For those who has been around awhile you remember last year between august and september we went up to 5k back down to 3k then never looked back to 20k. I have to put a lot of weight on these levels as being important support levels but a sign that we maybe nearing the end of this bear market at least for price action is concerned. Time I think all depends how we...
This will be a quick one folks but it has me majorly excited so I had to throw something together! So, It would appear that COINBASE:BTCUSD has officially smacked its way above the heavy overhead resistance and will be testing it as a new support within 24 hours!!! I've been watching this line for a very long time waiting for this exact situation to unfold. ...