Trendline on the monthly timeframe is respected
Going down to the day, BTC looks like it's poised to retest the month trendline.
However, on the 4 hour, resistance wick is formed below Day support.
2 possible options:
a) Price retest the region of the month's trendline and reverse
b) Price respects day support resist and heads down to
Profit 1 zone: 26020
Profit 2 zone: 25768
Timeframe of strategy playout - 1 to 2 days
Going down to the day, BTC looks like it's poised to retest the month trendline.
However, on the 4 hour, resistance wick is formed below Day support.
2 possible options:
a) Price retest the region of the month's trendline and reverse
b) Price respects day support resist and heads down to
Profit 1 zone: 26020
Profit 2 zone: 25768
Timeframe of strategy playout - 1 to 2 days
Note
TRENDLINE RETESTEDBreak below day support forming.
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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.