Please refer to the last post: 
We have been monitoring BTC at this red trendline for a potential breakout. In this post we are examining a lower timeframe (6H) to see how this structure is developing.
Price tried to rally to the red line, but sellers came in and swiftly pushed price back down. This is looking to be a third rejection at this red trendline so far.
Buyers are also fighting on the LTF. We have seen the low/mid $106k levels acting a support.
A break below $106k could lead to a drop back to our white trendline. This white trendline was recently established with 2 points of resistance (red arrows) followed by it being flipped into new support with 2 touchpoints (green arrows). Depending on when/if this trendline is tested it could bring BTC anywhere between $103-105k. Will update this post if that does happen.
In the meantime our three areas to watch on the lower timeframes.
-A break above the red trendline
-The midline around $106k continuing to hold
-The white trendline being tested
We have been monitoring BTC at this red trendline for a potential breakout. In this post we are examining a lower timeframe (6H) to see how this structure is developing.
Price tried to rally to the red line, but sellers came in and swiftly pushed price back down. This is looking to be a third rejection at this red trendline so far.
Buyers are also fighting on the LTF. We have seen the low/mid $106k levels acting a support.
A break below $106k could lead to a drop back to our white trendline. This white trendline was recently established with 2 points of resistance (red arrows) followed by it being flipped into new support with 2 touchpoints (green arrows). Depending on when/if this trendline is tested it could bring BTC anywhere between $103-105k. Will update this post if that does happen.
In the meantime our three areas to watch on the lower timeframes.
-A break above the red trendline
-The midline around $106k continuing to hold
-The white trendline being tested
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.
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.