two important key levels to watch
Updated
Hi everyone
right now price is moving into the liquidity area I mentioned before
why liquidity area?... see chart below and my last publish on BTC.
at the moment we have two important support and resistant levels
our support level is 38000$, if the price close below this level can drop
to 36K and 34K.
on the other hand if the price could manage to close above 40K resistant level
then we can expect our next resistant levels around 43K and 46K will hit.
SO...
....for the bull scenario our key level would be 40K
....for the bear scenario our key level would be 38K
also fake break out is possible for both side and at this case price will keep on consolidation.
Enjoy the market
right now price is moving into the liquidity area I mentioned before
why liquidity area?... see chart below and my last publish on BTC.
at the moment we have two important support and resistant levels
our support level is 38000$, if the price close below this level can drop
to 36K and 34K.
on the other hand if the price could manage to close above 40K resistant level
then we can expect our next resistant levels around 43K and 46K will hit.
SO...
....for the bull scenario our key level would be 40K
....for the bear scenario our key level would be 38K
also fake break out is possible for both side and at this case price will keep on consolidation.
Enjoy the market
Trade active
chart below shows some important indicators situation based on our key levels:based on the ICHI cloud price still in bear side, so it is important the price close above the cloud for uptrend.
MA50 is above the price and confirms bears still have upper hand.
MACD also moves sideways in negative side another confirmation for bear trend.
so for uptrend MACD must move in positive side and price close above MA50 too.
that is why I mentioned these 2 key level is important.
Trade active
the condition of my rules still the same, for changing trend price needs to confirm closing above important 40K resistant level with strong volume.Trade active
as mentioned if price can not close above 40K will drop. so it dropped and closed below 38K instead and hit my first support level 35800. if this support break then we can expect around blue area on my chart.
Trade closed: target reached
after bearish pattern confirmation and by the time price couldn't make to close above 40K level. finally price dropped and now our targets on bear side hit.it doesn't mean the bear trend is over. market sentiment is bearish yet.
but I believe this blue area on my chart is important to accumulate. lets see
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