Hello friends, the price of Bitcoin (BTCUSD) is recently making lower highs and we might see a bigger correction incoming. Please use the highlighted Demand & Supply Zone as well as the Key Level & Support for possible exits or entries. While the price is moving in a range, we have to keep one simple rule in mind Don't take long positions if the price is above the Key Zone of the Range Don't take short positions if the price is below the Key Zone of the Range Everything else will mess up your Risk/Reward ratio. And as always - i want you to be careful with your money :-)
We can see retracements during an uptrend (use resistance lines) as well as during a downtrend (use support lines). Drawing lines can improve your exits and entries massively.
We might see the price moving towards our Demand Zone within the next hours and days. If the buyers are exhausted at this point, the price will move further towards our next support zone. Please make sure to place your buy orders beforehand, so you can catch a (likely) bounce scenario.
Let me know what you think about this idea!
cheers, Ares
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The price bounced of the resistance line and is moving towards the Demand Zone at ~$30.000. It's likely that we see another drop after some sort of consolidation or pullback to yesterday's low