Things could possibly get challenging at the 18590 area.
This is because a close look at the area marked "Area of interest" shows BTC is approaching the top of the trading range .
This is also the area marked as "Ultimate target" in the first graph below
Looking closer at a larger picture it shows that this is also a series of trading ranges as shown below
This is because a close look at the area marked "Area of interest" shows BTC is approaching the top of the trading range .
This is also the area marked as "Ultimate target" in the first graph below
Looking closer at a larger picture it shows that this is also a series of trading ranges as shown below
Note
The larger trading range goes from 18750 to 24341.The bottom of the range is at 18750 and should in theory should also act as a resistance block.
Hence id expect if there is going to be an issue with resistance it will occur at around this this area.
Note
But what if this move up is Wyckoff spring ? for the larger trading range and price is really targeting 24341 =====================================================
Then id expect to see a test of the spring with a higher low and on smaller volume . Possibly something like this
Note
f BTC is able to successfully push above 18750 then id expect the next target area to be around the 19500 zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.