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BULLS CASE for BTC at S/R zone
BULLS CASE:
Bitcoin is currently resting on the 20400 - 20500 S/R area. This has often resisted PA on first contact. There's also a CME gap at 21700 that needs to be filled. Lastly, there's the uptrend line on which PA is also resting.
Breaking the S/R and uptrend line will be a strong case for bears and only a confirmation away from a short trade.
For now, I'm counting on the S/R to do what it does best - resist price at first contact. So I'm opening a small long here, with tight stoploss.
Bitcoin is currently resting on the 20400 - 20500 S/R area. This has often resisted PA on first contact. There's also a CME gap at 21700 that needs to be filled. Lastly, there's the uptrend line on which PA is also resting.
Breaking the S/R and uptrend line will be a strong case for bears and only a confirmation away from a short trade.
For now, I'm counting on the S/R to do what it does best - resist price at first contact. So I'm opening a small long here, with tight stoploss.
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