Whats up traders, here we have BTC/USD on the 1D chart.
Price recently broke a strong horizontal resistance level, before retesting the previous resistance as a new support line. The test was successful, and price is now moving nicely to the highs.
Price is currently under a minor structural resistance at 11820. Price needs to break this resistance before we consider an up move. Despite the resistance being minor, it is having a significant impact of recent price action.
Our target is based on a measure move of previous bullish impulse leg. The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve.
With the above in mind, I am waiting for a clear break of the 11820 level, and a retest before becoming a buyer.
If price does not break the minor structure resistance level, the trade may go to the downside for some time before a new opportunity to the upside arises.
I will update this analysis as the trade progresses.
If you have any questions/queries, feel free to connect.
Price recently broke a strong horizontal resistance level, before retesting the previous resistance as a new support line. The test was successful, and price is now moving nicely to the highs.
Price is currently under a minor structural resistance at 11820. Price needs to break this resistance before we consider an up move. Despite the resistance being minor, it is having a significant impact of recent price action.
Our target is based on a measure move of previous bullish impulse leg. The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve.
With the above in mind, I am waiting for a clear break of the 11820 level, and a retest before becoming a buyer.
If price does not break the minor structure resistance level, the trade may go to the downside for some time before a new opportunity to the upside arises.
I will update this analysis as the trade progresses.
If you have any questions/queries, feel free to connect.
Kommentar:
Hi traders, I have posted a new analysis on BTC/USD. This post determines the longevity of the up trend and gives a plan of action for future price movement.
I would highly appreciate it if you could all give my new idea below a like, as receiving likes and comments are my motivation to keep posting more content. Thank you.
I would highly appreciate it if you could all give my new idea below a like, as receiving likes and comments are my motivation to keep posting more content. Thank you.
Here I am analyzing BTC/USD on the 3H chart.
Price made an aggressive move, breaking the minor structure resistance level at 11750. This level was a big concern for me, and I knew if price could not break this, we would never have a trade.
When price broke this level, it broke with a very aggressive green candle. This shows that the breakout was legitimate (Due to the size of the candle there was obviously demand from traders to break price out purposely) and also that there will likely be a correction on such a big candle to 11750. (Which is perfect because we want to retest the minor structure resistance as support before we get more up move anyway.
I believe price is now in the rally move towards our upside target, as illustrated on the chart. This set up went exactly as I figured it would.
As always, patience pays.Have your own opinion on an analysis and hold onto it. Once you start looking and listening to other peoples opinion you can cripple your own analysis.
When trading always be independent, always have your own mind.