Hi Traders,
So we've seen a push up in prices from the $34,000 level to $35,000 where prices have hit some resistance. If we fail to break the $35,000 then we'll be expecting prices to turn bearish at least in the short term and come back down towards the lower red zones. However, if we are able to gain momentum again and break the $35,000 level acting as resistance, we're more than likely to break the downtrending trend line seen on our chart. If we are able to break both level then the market turns into a strong bullish sentiment.
On the most recent leg up prices have rejected the $35,000 to come back down to the 0.382 FIB to then retest the $35,000. In addition, prices pulled back to the 100/200MA 1HR timeframe, however, as it stands its not been enough to break $35,000.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So we've seen a push up in prices from the $34,000 level to $35,000 where prices have hit some resistance. If we fail to break the $35,000 then we'll be expecting prices to turn bearish at least in the short term and come back down towards the lower red zones. However, if we are able to gain momentum again and break the $35,000 level acting as resistance, we're more than likely to break the downtrending trend line seen on our chart. If we are able to break both level then the market turns into a strong bullish sentiment.
On the most recent leg up prices have rejected the $35,000 to come back down to the 0.382 FIB to then retest the $35,000. In addition, prices pulled back to the 100/200MA 1HR timeframe, however, as it stands its not been enough to break $35,000.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
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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.