Hello Trading Family, BITCOIN is sitting around a strong rejection area. What I call "TRIO RETEST"
Here is why => The Highlighted Purple Circle is the intersection of three key rejection levels/zones.
Retest 1: Horizontal Support
The 38k - 40k zone in green is a previous resistance turned into support.
Retest 2: Non-Horizontal Support
Bitcoin is overall bullish from a long-term perspective and currently testing the brown trendline which acts as non-horizontal support.
Retest 3: Demand Zone
The 38k - 40k zone is also a demand zone as we previously had an explosive movement from it.
As per my trading style/plan:
I will zoom in to lower timeframes and look for bullish reversal setups (like a double bottom, trendline break, and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich
Here is why => The Highlighted Purple Circle is the intersection of three key rejection levels/zones.
Retest 1: Horizontal Support
The 38k - 40k zone in green is a previous resistance turned into support.
Retest 2: Non-Horizontal Support
Bitcoin is overall bullish from a long-term perspective and currently testing the brown trendline which acts as non-horizontal support.
Retest 3: Demand Zone
The 38k - 40k zone is also a demand zone as we previously had an explosive movement from it.
As per my trading style/plan:
I will zoom in to lower timeframes and look for bullish reversal setups (like a double bottom, trendline break, and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich
Trade Made Simple
RichTL.com
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RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.