Hi mates, Planning a directional trade in BTC so did some work on support and resistance on this daily chart sharing mine ideas below.
Idea one- will take a trade if it will reach to support and will get a bounce from there target would be resistance follow up levels if that will not break, can take a second trade again after when resistance zone will breach for this trade target i will take mentioned weekly supply zone.
Idea two- will take a trade after when it will break support level target would be the potential downside level which is looking a good support too now after the break of current mentioned support.
until then i will just watch it, and after the executions follow mine rule- Trade right sit tight.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Best Regards-: Amit
Idea one- will take a trade if it will reach to support and will get a bounce from there target would be resistance follow up levels if that will not break, can take a second trade again after when resistance zone will breach for this trade target i will take mentioned weekly supply zone.
Idea two- will take a trade after when it will break support level target would be the potential downside level which is looking a good support too now after the break of current mentioned support.
until then i will just watch it, and after the executions follow mine rule- Trade right sit tight.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Best Regards-: Amit
Note
Day low so far is mentioned support on provided chart.15 minute TF chart
Note
Not breaking support getting each time bounce from thereNote
Taking resistance from mentioned trendline, but indeed got a good bounce trade
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.