BTC Resistance FLIP to Support. Rally upcoming.

31 thg 5, 2022

Monthly close in less than 24hours, volatility is expected like what's happening now. We have a nice upside move from the break of trendline I showed in my previous idea post so I am expecting a retracement and test of previous resistance which has now turned support.

Now the price has reacted to a new resistance at 32k, having multiple confluence
1. 200EMA in 4H timeframe,
2. horizontal resistance from past support & resistance,
3. midline of a downtrend channel in the past (not really something I trade/rely on but gives a value with this confluence).

As I explained before, this is a good area of value where you can,
1. Take profits
2. Enter a trade (short trade is the wisest since it gives the best RR ratio)
3. Start shifting your SL (what i do for my longs) to lock profits

New BTC Trading Range: 30.7k (Support) - 32k (Resistance).
Keep it simple, Long at support and Short at resistance.
My bias is still bullish(short rally to around 38k as mentioned previously) so I will add more Long positions as we test the 30.7k support.

5 thg 6, 2022

Ghi chú

a lot has happened since. As you can see the support I circled in GREEN did not hold and that now is acting as resistance (30.7k).

Price is still hovering in the horizontal channel we had in May (28.7k) and a break out here could create a lot of volatility.