Retest or Reverse
Hi everyone,
My last post was about BTCUSDT where I explained why we might be bullish for the rest of this week.
Looking at the chart of VETUSDT, the price has just broken the consolidation area to the downside, and we are now resting the support level to become a resistance level.
However, due to the fact that we are on a higher time frame support (or demand zone), we might witness at least a higher time-frame pullback to the upside.
In conclusion, if we see a rejection from the retest area, it means that we are going to make new lows and continue the downtrend. Although, if we get to break the area of consolidation to the upside, we might see a higher time-frame pullback which will create an opportunity to make a buy.
My last post was about BTCUSDT where I explained why we might be bullish for the rest of this week.
Looking at the chart of VETUSDT, the price has just broken the consolidation area to the downside, and we are now resting the support level to become a resistance level.
However, due to the fact that we are on a higher time frame support (or demand zone), we might witness at least a higher time-frame pullback to the upside.
In conclusion, if we see a rejection from the retest area, it means that we are going to make new lows and continue the downtrend. Although, if we get to break the area of consolidation to the upside, we might see a higher time-frame pullback which will create an opportunity to make a buy.
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