Bitcoin : Testing the crucial resistance trend line
Hello fellas, here it is the bitcoin update based on current moves. First of all, I want to congratulate all of you who have opened the yesterday's long position of bitcoin since $9650 region. You must be in profit now. And at current rate, I've closed most of my position and move the SL into profit for the rest.
Now, looking back at the bitcoin condition, we have seen a huge bounce since the price touched the white region as a major support. Currently, the price is trying to test the green resistance trend line which is holding true and I believe that this resistance trend line is the most crucial line to watch on intraday level.
There are 2 scenarios for this :
1. If the price can breaks out of this green resistance trend line, there will be a potential moves to the double top region or even the higher level at yellow
2. If we see a rejection toward this green resistance trend line, there might be a possibility for consolidation moves (probably a form of the descending triangle) before we see the price losing volatility and come to the decision point at the APEX of the triangle.
For now, just put my SL to the profit so we can still secure some profit if the price can't breaches the resistance trend line. let the trend decide your moves!
Now, looking back at the bitcoin condition, we have seen a huge bounce since the price touched the white region as a major support. Currently, the price is trying to test the green resistance trend line which is holding true and I believe that this resistance trend line is the most crucial line to watch on intraday level.
There are 2 scenarios for this :
1. If the price can breaks out of this green resistance trend line, there will be a potential moves to the double top region or even the higher level at yellow
2. If we see a rejection toward this green resistance trend line, there might be a possibility for consolidation moves (probably a form of the descending triangle) before we see the price losing volatility and come to the decision point at the APEX of the triangle.
For now, just put my SL to the profit so we can still secure some profit if the price can't breaches the resistance trend line. let the trend decide your moves!
