Potential exhaustion point
Looking at a confluence of resistance here. Based on the 1h and 4h closing price this is the most valid place for horizontal resistance as we can see it is a confirmation area where price began its decent towards 29k.
It is also where we come in towards our rising channel resistance we could expect some sort of consolidation or a potential short term break down in price.
Confirmation of this breakdown would be a break of the underlying trend (orange)
It is also where we come in towards our rising channel resistance we could expect some sort of consolidation or a potential short term break down in price.
Confirmation of this breakdown would be a break of the underlying trend (orange)
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