The Squeeze Continues - Support and Resistance Levels
Updated
Earlier this week, BTC had a fantastic bounce off the 2D long term trendline that I have shown on the chart above and more clearly on the one below.
We are now facing minor resistance at the .382 fib extension, with the major downward trendline not much higher above.
Failing to break through this first level of resistance would likely be a continuation signal, which ultimately could send us back down to test the 2D trendline once again.
A break below the 2D trendline will be an extremely bearish signal. considering that this TL has not been broken since its creation in early 2017.
IF we fall below the 2D TL we have another major TL down at the 4k range and then the 2k range below that.
As the squeeze continues, is very unclear which way BTC will choose to go.
This bounce showed that there is may be some light at the end of the tunnel, however we're far from in the clear.
The chart above shows both possible support and resistance levels regardless which direction BTC decided to go.
Please trade carefully.
Wish you all the best of luck.
2D Trend Line Support:
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
We are now facing minor resistance at the .382 fib extension, with the major downward trendline not much higher above.
Failing to break through this first level of resistance would likely be a continuation signal, which ultimately could send us back down to test the 2D trendline once again.
A break below the 2D trendline will be an extremely bearish signal. considering that this TL has not been broken since its creation in early 2017.
IF we fall below the 2D TL we have another major TL down at the 4k range and then the 2k range below that.
As the squeeze continues, is very unclear which way BTC will choose to go.
This bounce showed that there is may be some light at the end of the tunnel, however we're far from in the clear.
The chart above shows both possible support and resistance levels regardless which direction BTC decided to go.
Please trade carefully.
Wish you all the best of luck.
2D Trend Line Support:
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Note
Some possible short term plays with support and resistance levels. A break of 8800 would be a signal for some more bullish momentum. Until then I am expecting to test the next level of support.Good luck!
Note
Curious to everyones thoughts, after a very interesting daily candle close yesterday 
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