On the above weekly chart price action has rallied 300% from the lows. A number of reasons now exist to exit long positions. They include:
1) Support and resistance. Ever since price action broke market structure (look left) price action has been in a downtrend. At this time price action climbs to the broken structure area and finds resistance.
2) A weekly bearish engulfing candle prints at resistance.
3) Bearish divergence. A higher high in price action is met with a lower high in RSI.
4) Past resistance is yet to confirm as support before higher highs print. That resistance is around $8 or a 50% correction from current levels.
Ww
1) Support and resistance. Ever since price action broke market structure (look left) price action has been in a downtrend. At this time price action climbs to the broken structure area and finds resistance.
2) A weekly bearish engulfing candle prints at resistance.
3) Bearish divergence. A higher high in price action is met with a lower high in RSI.
4) Past resistance is yet to confirm as support before higher highs print. That resistance is around $8 or a 50% correction from current levels.
Ww
Trade active
Trade closed: target reached
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.