BTCUSD to 3400!
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BTCUSD: Testing strong areas of resistance, once tested as previous support. By reading the weekly candles, we can see how confident bears are looking compared to bulls. Reading the current weekly candle (higher the time frame, the higher the probability price will play in your favor.) notice how strong the rejection is (size of wick) if price stays below 7100.00 then look to sell this down to 3400.00.
4Hr: Notice how price violated this up trend and is potentially setting up with a head and shoulders reversal formation. Would like to get an entry at the right shoulder, in confluence with previous areas of resistance and the 21-moving average. With this entry we can look to decrease the stop loss, to cover precious swing highs. Looking to secure partials at 5600.00 target1, then 4860.00 target2, lastly 3400.00 final target. If price does not maintain below this resistance by Sunday, then we must reevaluate price action.
4Hr: Notice how price violated this up trend and is potentially setting up with a head and shoulders reversal formation. Would like to get an entry at the right shoulder, in confluence with previous areas of resistance and the 21-moving average. With this entry we can look to decrease the stop loss, to cover precious swing highs. Looking to secure partials at 5600.00 target1, then 4860.00 target2, lastly 3400.00 final target. If price does not maintain below this resistance by Sunday, then we must reevaluate price action.
Nota
BTCUSD: Strong weekly Pinbar closure, Bears look like they are protecting this zone, lets see if they are willing to push price lower. Looking for entries around 7100.00!Nota
Last week’s candlestick managed to close off a bearish pinbar showing signs of rejection to the upside. This week’s candle is showing signs of bullish rejection. By reading market, price managed to come down to 6500.00 and snap back to 7200.00. Simply by reading the daily we can see a strong bullish engulfing which it engulfed five days of daily price action. Scaling down to the 4hr time frame, we can see price still testing the right shoulder. If price closes above this zone by tomorrow or if price clears previous swing highs 7500.00 and closing back in range then, we can see BTCUSD bullish. However, if we see signs of rejection to the upside then we can anticipate shorts. Due to uncertainty of market fluidity, risk management is highly recommended.
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