BTC|USD - Rejected By Descending Channel Resistance
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In my previous analysis I said that long should be taken only after breakout of 50% fib level and resistance zone and if this won't happen pullback will come to 7,900$.
Let's consider full situation - for the price to grow we has to break 50% Fib level and channel resistance at least and fix above those level. Now we see only a rejection happened. The price now on an important support zone - and if this support zone will be lost level of 6.600$ should be tested again and as more conservative targets you can take 7.600 and 7.250.
Remember - Long only on a breakout of channel resistance!
- Short if current support zone is lost!
Leaving a "like" costs nothing and really helps me out; please consider it! It's the #1 thing I look at when deciding to work on future content.
Peace Out!
Not a Financial Advice
In my previous analysis I said that long should be taken only after breakout of 50% fib level and resistance zone and if this won't happen pullback will come to 7,900$.
Let's consider full situation - for the price to grow we has to break 50% Fib level and channel resistance at least and fix above those level. Now we see only a rejection happened. The price now on an important support zone - and if this support zone will be lost level of 6.600$ should be tested again and as more conservative targets you can take 7.600 and 7.250.
Remember - Long only on a breakout of channel resistance!
- Short if current support zone is lost!
Leaving a "like" costs nothing and really helps me out; please consider it! It's the #1 thing I look at when deciding to work on future content.
Peace Out!
Not a Financial Advice