Let's see how BTC is behaving.
This is a 1H chart. (Valid for 24 hours)
The Fib retracement shows that the price consolidates in a sideways channel after getting rejected and retesting the resistance area.
Support levels: $37100 - $37900
Resistance Area: $39000 - $40000
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Higher Bollinger Band can push down the value, and the Middle band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $38500
Let me know your ideas.
Good luck.
This is a 1H chart. (Valid for 24 hours)
The Fib retracement shows that the price consolidates in a sideways channel after getting rejected and retesting the resistance area.
Support levels: $37100 - $37900
Resistance Area: $39000 - $40000
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Higher Bollinger Band can push down the value, and the Middle band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $38500
Let me know your ideas.
Good luck.
