Bitcoin to Test Major Zone Soon
Bitcoin is having a relief rally since it bounced from the 32k support. The first wave of the rally is due for correction, but this is for the short term.
My focus is on the Daily timeframe and what I see is the incoming test of that MAJOR Support/Resistance level - the white line. Of course it confluences with another horizontal support/resistance level. As You see whenever the price action came close to that line ( or many of the other lines ) it had impact of the direction or at least caused a consolidation around it. So I think that this will repeat again when the price comes close to it.
These diagonal lines are the so called "Spider Web" Technique and they are drawn on the monthly timeframe so they have bigger impact on price action.
If You want me to make dedicated post about how to draw those line on different financial instruments write me in the comment section.
Thank You.
My focus is on the Daily timeframe and what I see is the incoming test of that MAJOR Support/Resistance level - the white line. Of course it confluences with another horizontal support/resistance level. As You see whenever the price action came close to that line ( or many of the other lines ) it had impact of the direction or at least caused a consolidation around it. So I think that this will repeat again when the price comes close to it.
These diagonal lines are the so called "Spider Web" Technique and they are drawn on the monthly timeframe so they have bigger impact on price action.
If You want me to make dedicated post about how to draw those line on different financial instruments write me in the comment section.
Thank You.
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