For the past week bitcoin has been moving down to the major support zone.
Down movement was in a stair pattern (step down, range, step down, range) all levels were predicted by previous resistence which were broken through on the previous run to the DMA so they became support.
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Price dropped down retraced to previous support and then S/R flipped. After the retrace we always saw a step back down making lower highs and lower lows. By moving down bitcoin created a descending wedge pattern which usually breaks to the upside.
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Since we have broken upside trend reversal probabilities increase. Major key for this trend reversel is to flip a resistance zone to a support zone and by doing so make a step up again forming a higher low and higher high.
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These S/R zones are good R:R places to enter a long (support) or short (resistance). I dont expect to blow through all these level first try because a stairs down gives major levels on the way up.
Down movement was in a stair pattern (step down, range, step down, range) all levels were predicted by previous resistence which were broken through on the previous run to the DMA so they became support.
.
Price dropped down retraced to previous support and then S/R flipped. After the retrace we always saw a step back down making lower highs and lower lows. By moving down bitcoin created a descending wedge pattern which usually breaks to the upside.
.
Since we have broken upside trend reversal probabilities increase. Major key for this trend reversel is to flip a resistance zone to a support zone and by doing so make a step up again forming a higher low and higher high.
.
These S/R zones are good R:R places to enter a long (support) or short (resistance). I dont expect to blow through all these level first try because a stairs down gives major levels on the way up.
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Target for a long would be 8400, expect a lot of resistance around there.
Trade is invalidaded if we do not succeed to flip a S/R zone and close below 7800.
Trade is invalidaded if we do not succeed to flip a S/R zone and close below 7800.
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First retrace after breakout was bigger than expected, 7950 did not s/r flip instead we made a double bottom structure at 7900. What followed was a rally to 8300 just above our resisance zone, right now we are seeing a retrace happening. On the way up we broke through our 8150 resistance, this means that would be the area to place a long because of the S/R flip. Be aware of the CME opening as result of this rally we nog have a gap south of price. 8200-7900 so it is possible we see a wick to the downside to fill the gap.