Since my previous update BTC failed to make a second HH from a daily perspective and instead rejected the supply of the channel aggressively.
Now price has formed a macro M formation and broke below the important midline support, which will now act as resistance. I think there is a good probability now the price will come all the way back down to the lower range of the accumulation channel.
We are monitoring PA on the LTF for rejection at the identified supply zone for potential entries to short.
Now price has formed a macro M formation and broke below the important midline support, which will now act as resistance. I think there is a good probability now the price will come all the way back down to the lower range of the accumulation channel.
We are monitoring PA on the LTF for rejection at the identified supply zone for potential entries to short.
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.
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.