BTC long position movement scenario trend and supply zone
Support Zone at ~99,000
This area is a major demand/support zone where the price has historically rallied to the upwards direction from.
Buyers might still consider stepping into the market should the price revisit this level.
Previous Consolidation(Marked 103,000 - 105,500):
This is a rectangle that captures the sideways movement price has shown for some time after a sharp uptrend.
Having been priced out of this range, this area may now serve as resistance.
Current Movement:
Price moves sideways and a range has been broken on the lower side, now price recovers within the rising channel.
I have drawn two possible projections: one is towards further movement up the channel and one has a rejection then possible move downwards.
Current Price 103770
Right at an expected turning point—approaching the previous range resistance.
Expected Possible Actions (Your Goals) by psychic bias; depending on:
Bullish Bias:
If the price maintains the rising channel and breaks above 105,000, I would expect further continuation to the upside and would suggest monitoring breakout confirmations.
Bearish Bias:
Set orders at the lower boundary of the upper region (~105,000) then it may fall back toward the lower portion of the channel or the support zone near 99,000
Support Zone at ~99,000
This area is a major demand/support zone where the price has historically rallied to the upwards direction from.
Buyers might still consider stepping into the market should the price revisit this level.
Previous Consolidation(Marked 103,000 - 105,500):
This is a rectangle that captures the sideways movement price has shown for some time after a sharp uptrend.
Having been priced out of this range, this area may now serve as resistance.
Current Movement:
Price moves sideways and a range has been broken on the lower side, now price recovers within the rising channel.
I have drawn two possible projections: one is towards further movement up the channel and one has a rejection then possible move downwards.
Current Price 103770
Right at an expected turning point—approaching the previous range resistance.
Expected Possible Actions (Your Goals) by psychic bias; depending on:
Bullish Bias:
If the price maintains the rising channel and breaks above 105,000, I would expect further continuation to the upside and would suggest monitoring breakout confirmations.
Bearish Bias:
Set orders at the lower boundary of the upper region (~105,000) then it may fall back toward the lower portion of the channel or the support zone near 99,000
Trade closed: target reached
target reached almost 100+pips ready to take over partial take profit
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Join My Telegram Channel
BEST Technical Analysis Best Trader - Master Of Market I’m here to give back what I have learned and earned. FREE SIGNAL ( 95% winning rate ) FREE MAPPING TP AND SL PROVIDE INVESTMENT OF
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BEST Technical Analysis Best Trader - Master Of Market I’m here to give back what I have learned and earned. FREE SIGNAL ( 95% winning rate ) FREE MAPPING TP AND SL PROVIDE INVESTMENT OF
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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.