BTCUSD Potential buy zones if correction occurs
Updated
Hello TV, this is my first published idea so bear with me.
The blue lines are supports that I'm monitoring on a 15 minute chart, if BTC breaks through to 10k-11k I suspect a sell off will happen due to it being such a high psychological level. This may trigger a larger sell off depending on the volume and speed of the sell off.
The yellow lines indicate areas of support (and previous resistance) in which I will stagger my BTC buy orders. The bottom green line is where I believe there is heavy support and represents about a 40% pullback from a ~10k level. If that green support breaks a serious reevaluation might be needed however, bringing 5k and 3k back into the picture.
Let me know what you think. I have been in this space for only about 4 months so constructive criticism is welcomed.
The blue lines are supports that I'm monitoring on a 15 minute chart, if BTC breaks through to 10k-11k I suspect a sell off will happen due to it being such a high psychological level. This may trigger a larger sell off depending on the volume and speed of the sell off.
The yellow lines indicate areas of support (and previous resistance) in which I will stagger my BTC buy orders. The bottom green line is where I believe there is heavy support and represents about a 40% pullback from a ~10k level. If that green support breaks a serious reevaluation might be needed however, bringing 5k and 3k back into the picture.
Let me know what you think. I have been in this space for only about 4 months so constructive criticism is welcomed.
Note
Sell off did occur, however stopped about $500 short of my upper estimates. Potential double top forming which could trigger a retest of the 9k level before another run up to the CME futures release date.
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