I have observed 4 Support Lines that are continuously being tested. The 1st Support line of 10500 is broken multiple times, however the catch here is there are lot of whales here who have placed huge buy orders to prevent it from falling further.
If the continues as it can be seen on a then by tomorrow we will be not only crossing the 2nd support line but also reach near to the 3rd Support Line. What happens after that we will need to analyse it then & that time. I for now believe in my charts which strongly suggest downward movement & reach near 3rd Support Line (9823). If this happens we will see a very strong buying movements & a rebound is likely to happen which will give you a good chance to increase your Satoshi by trading BTC USD pair.
I will keep you updated with more analysis. This is history repeating itself again & good time to earn good profits.
Hence I always make sure that support levels are included even for hourly level, while the relative strength of support level from an hourly chart maybe weaker than daily chart support level but nevertheless it provides trading opportunities.
Ex: The support Level 1 & Support Level 2 are quite near to each other. This is because in 30 minutes chart you will find that this support has been tested a lot of times. What it tells me? Well for first that if we breach 10500, there is a good support at 10144 & unlike other traders we are not immediately at any point of time crashing down to 9800.
Do you see it now? Why I don't only rely on daily levels? I made a swing trade by buying at around 10245 & looking to sell again at 10790
Thank you all for following this. Its a market of whales & we are a bunch of small fishes who have to survive this bloodbath.