BTCUSD - possible retest to the previous support level
On the daily timeframe, yesterday's candle closed with a lower high as shown with the yellow trendline.
From this signal we can expect two things in a first time :
- a re-test of the 32k-ish level, that we represent here with a rectangle. This zone was a resistance (first red circle) which was broken on january 6. This zone then acted like a support (second red circle) on january 11, 12 and 13. It is reasonable to expect a re-test here ;
- the second scenario is that the signal breaks the yellow trend line to the upside, resuming the bullish trend. To break the trend line, the signal needs to reach the 40k+ level.
In a second time, If the 32k support zone breaks to the downside, we can expect
the signal to reach the previous resistance level (27k-ish, that we represent here with a rectangle).
From this signal we can expect two things in a first time :
- a re-test of the 32k-ish level, that we represent here with a rectangle. This zone was a resistance (first red circle) which was broken on january 6. This zone then acted like a support (second red circle) on january 11, 12 and 13. It is reasonable to expect a re-test here ;
- the second scenario is that the signal breaks the yellow trend line to the upside, resuming the bullish trend. To break the trend line, the signal needs to reach the 40k+ level.
In a second time, If the 32k support zone breaks to the downside, we can expect
the signal to reach the previous resistance level (27k-ish, that we represent here with a rectangle).
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