BTCUSD Struggle on Support zone!/Bullish and Bearish Prospective
BYBIT:BTCUSD
4H trend chart
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After Head and Shoulders pattern completed, price rapidly pulled back to 39500(around Fib(1.382))
We could see the Neckline from Head and Shoulders formed a Resistance zone for BTC currently.
On the other hand, should note that Fibonacci retracement_1.382 and Vegas tunnel_576/676ema showed a support level.
Next, we regard it as a Support zone for BTC; additionally, this zone is also the ceiling of Darvas box in previous consolidation zone(from 6/E to 8/E).
Now, price is still consolidating between the 1st downtrend line and 576/676ema, then expect that a descending triangle is forming.
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Bull:
Therefore, if you are bullish traders, could observe 576/676ema have support in future or not.
Once the support zone is effective during consolidation, 1st/2nd downtrend lines will be broken out eventually, then bullish continuation will goes on.
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Bear:
If you are bearish traders, aware of the support zone, and be patient until price touches the 1st downtrend line.
Downtrend line gets resistance for price, so would easily pull back again.
At that time, observe the price plunges through 576/676ema or not.
Once price takes a nosedive through 576/676ema, bear market is coming.
4H trend chart
-
After Head and Shoulders pattern completed, price rapidly pulled back to 39500(around Fib(1.382))
We could see the Neckline from Head and Shoulders formed a Resistance zone for BTC currently.
On the other hand, should note that Fibonacci retracement_1.382 and Vegas tunnel_576/676ema showed a support level.
Next, we regard it as a Support zone for BTC; additionally, this zone is also the ceiling of Darvas box in previous consolidation zone(from 6/E to 8/E).
Now, price is still consolidating between the 1st downtrend line and 576/676ema, then expect that a descending triangle is forming.
-
Bull:
Therefore, if you are bullish traders, could observe 576/676ema have support in future or not.
Once the support zone is effective during consolidation, 1st/2nd downtrend lines will be broken out eventually, then bullish continuation will goes on.
-
Bear:
If you are bearish traders, aware of the support zone, and be patient until price touches the 1st downtrend line.
Downtrend line gets resistance for price, so would easily pull back again.
At that time, observe the price plunges through 576/676ema or not.
Once price takes a nosedive through 576/676ema, bear market is coming.
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→Join Teaching Group for free!(PM me)
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