BTCUSD Scalp |H1 Double Bottom|Dynamic Resistance|.618 Fib|RangeEvening Traders,
Today’s analysis – Scalp opportunity on BTC, following are technical points to consider,
- Range low double bottom
- Dynamic Resistance breached
- .618 Fibonacci retest
- 21 MA support
- Range high target
A double bottom deviation back into range shows demand below range support, this is considered bullish.
The Dynamic resistance in confluence with the 21 MA has breached with recent impulse, first time since the down trend. The 21 MA is now considered support – S/R Flip.
A backed test and hold of the .618 Fibonacci is bullish, allowing for a risk defined entry.
Price action immediate target will be range high. It is important to monitor volume to avoid fake outs.
Hope this analysis help!
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And remember,
“Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee
