We are finally presented with more accurate technical analysis details on which we can more or less rely on here...As you can see, we managed to break out of the descending trendline from my previous posts coming up the our first crucial zone of confluence on the lower time frames. 5900-6000 is currently our holding resistance level and we will be looking to take short positions here incase we don't manage to break out of this level. Patiently waiting for the 4H candle to close down here to get a more accurate view on the upcoming price action, but so far its looking good.
Now, incase we do see a break out, looking at the daily time frame we can see that the price will eventually come to an important zone of confluence within the 6500 area, as the price historically retested it multiple times. That would be our second short entry zone. In the meantime, we want to see a bounce from the 6000 resistance and break below the ascending trendline to confirm our shorts. Nothing too complex here, just a matter of price action within support & resistance levels. Watch out for any news coming into the markets within the next 2 days, as it can bring a lot of volatility!
This is NOT a financial advice, trade at your own risk!
Now, incase we do see a break out, looking at the daily time frame we can see that the price will eventually come to an important zone of confluence within the 6500 area, as the price historically retested it multiple times. That would be our second short entry zone. In the meantime, we want to see a bounce from the 6000 resistance and break below the ascending trendline to confirm our shorts. Nothing too complex here, just a matter of price action within support & resistance levels. Watch out for any news coming into the markets within the next 2 days, as it can bring a lot of volatility!
This is NOT a financial advice, trade at your own risk!
Order cancelled
6000 is barely holding. Still a bit early to judge but I think we might be heading up to 6500 after all!Note
Minor resistance area of 6000 broken. Next zone of confluence is around 6400/6500!Note
Coming in closer to 6500. The RSI on 4H is also about to be overbought. Short set at 6498 with SL above at 6727.Note
Well, on Bitmex it reached 6465 before reversing back, however, there's still more buying volume at the moment and I still want to see it move higher to execute my short. Let's see how the night plays out. I don't think that 6465 is the final touch of our resistance.
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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.