BTC/USD: zone-to-zone trading. Are the bulls ready?
Looking at the DAILY-timeframe graph, we might observe that the price has yet again bounced off the ascending trend-line that is portrayed on the graph (impulse that started on 15/06).
At the moment, we are sitting at a crucial area of resistance and some sort of a "Top Reversal" pattern can be identified.
As our bias remains bullish, we are looking into entering long positions at an appropriate level and riding the probably upcoming bullish wave. The "appropriate level" that we have our eyes on is set at the 28k region that corresponds with the 50% Fibonacci retracement level of the recent bullish impulse. Once the price reaches the highlighted level, we will look for our entry criteria to be met (formation of a bottom reversal, wick rejections etc.) before entering long positions and aiming for the upside.
At the moment, we are sitting at a crucial area of resistance and some sort of a "Top Reversal" pattern can be identified.
As our bias remains bullish, we are looking into entering long positions at an appropriate level and riding the probably upcoming bullish wave. The "appropriate level" that we have our eyes on is set at the 28k region that corresponds with the 50% Fibonacci retracement level of the recent bullish impulse. Once the price reaches the highlighted level, we will look for our entry criteria to be met (formation of a bottom reversal, wick rejections etc.) before entering long positions and aiming for the upside.
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