Last week, price made contact with a major level of support, formed from the
low of January 22nd at $28,800. Price stayed at this level for a few weeks.
It’s the start of a new week, and already seeing a bounce from the support level.
As the weekly candle displayed is still new, we will have to wait until the end of
the week to confirm a weekly bullish candle.
A bounce from this level could be significant because it would suggest the
resumption of the long-term bull trend. But of course, we still need a breakout
of the all-time high at $69,000 to confirm this.
We want to see a pattern of higher highs and higher lows on the daily timeframe
and resistance levels broken prior to the all-time high. A build-up of strong
momentum should see record highs created in the next trend.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
low of January 22nd at $28,800. Price stayed at this level for a few weeks.
It’s the start of a new week, and already seeing a bounce from the support level.
As the weekly candle displayed is still new, we will have to wait until the end of
the week to confirm a weekly bullish candle.
A bounce from this level could be significant because it would suggest the
resumption of the long-term bull trend. But of course, we still need a breakout
of the all-time high at $69,000 to confirm this.
We want to see a pattern of higher highs and higher lows on the daily timeframe
and resistance levels broken prior to the all-time high. A build-up of strong
momentum should see record highs created in the next trend.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
