49.5 - looking for a reaction
Updated
49.5 previously sat as resistance for a duration and finally broke up into the 50's ! After that, it then flipped to support .
Because of this, I'm going to try stack short positions at this level or within a $200 range depending on the strength of the reaction.
Because of this, I'm going to try stack short positions at this level or within a $200 range depending on the strength of the reaction.
Note
This brings us back to the trend line id like to see retested this week before we spring to the moon. One scenario I wouldn't like to see for a bullish return would be a failure of this trend line due to its support since the 20th of July ! Therefore maintaining this trend line on the 4h-8h is vital however some wicks on the 15m won't cause too much problem.
Note
The main confluence I have for this would be previous highs, seen here on the 4h chart and additionally. This channel also brings us to the moon so I believe another bullish retest of the trend line would be good .
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