Here we have BTC/USD on the 2H chart.
Price recently broke the horizontal , and has now retested the resistance as a new support.
Since then, price has had a short term correction to the previous horizontal turned support. If price successfully continues to retest the previous resistance turned support, then I am expecting a minor impulse breakout move out of the on the support retest.
I am expecting an up move after the correction of the resistance turned support, and for price to move up to 19300. When price hits 19300, I am expecting a small downside move, where there could be even more buying opportunities. But I will look at these other opportunities in the future.
Bare in mind that price needs to successfully move out of the resistance turned before considering a position.
I will be updating this analysis closely as the trade progresses.
Price had some further sideways correction after posting, but has since picked up steam in the form of a bullish engulfing signal.
Since the bullish engulfing signal was right near the resistance zone, I believe the candle can give enough momentum for the up move that we desire.
I will be watching for a buy opportunity, and I expect an up move to occur to my upside price target at 19180.
Well done to anyone who has been following this idea. We have had a move over $1,300 in just over 24 hours.
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Although, I bet we will get a correction eventually. And I expect it to land at 17660 (The previous horizontal resistance turned support) before more up move.
We will see how it pans out. I will be updating my analysis here, so stay tuned.