So BTC is again facing strong resistance of 11800 (orange line) and purple horizontal line.
On the bottom we have a strong support around 11.1k from fib .382, pink trend line and the other horizontal line.And a okayish support at fib .236
Directional Bias is still bullish unless it break those. But again breaking 11800 is unlikely for a little while.
Possible course - 1) Slow decrease in price till it bounces off the pink trendline somewhere around 11.5k (where we will place a long with stop loss just below the line)
2)A sudden decrease in price till 11.1 and gets into the circle (we will wait for a little consolidation and place a long at retest with stop loss just below 11k)
On the bottom we have a strong support around 11.1k from fib .382, pink trend line and the other horizontal line.And a okayish support at fib .236
Directional Bias is still bullish unless it break those. But again breaking 11800 is unlikely for a little while.
Possible course - 1) Slow decrease in price till it bounces off the pink trendline somewhere around 11.5k (where we will place a long with stop loss just below the line)
2)A sudden decrease in price till 11.1 and gets into the circle (we will wait for a little consolidation and place a long at retest with stop loss just below 11k)
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Possible course: Price retesting pink trendline after failing 11.7k resistance for the first time.A long there would have low Risk to Reward.
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