BTCUSD path and direction .. Dejavu ? or adoption
Hello everyone this is my idea for BTC/USD on 4 hour time frame
Yesterday we tested all time high resistance but price didn't close above the resistance line ( red line )
to confirm a strong uptrend we need to close above the resistance ( red line ) and red line should turn into support to maintain
the direction of the uptrend
Right now price is stuck in a choppy area between green line and red line ( triangle area )
If you are long you want green line to hold as support in order to break the red line resistance
if price closed below green line support 4 hour candle close below
Price could drop to orange support line but keep in mind that this support line could not hold so as a buyer
you wanna buy from safe good demand areas which is areas below the orange line
if you are a buyer from these areas your stop should be 4 hour candle close below demand areas or orange line
if you are a seller from red line you don't want a clear 4 hour candle close above red line
Note : RSI price action can give us a good hint for the direction
price is ranging between green line and red line .. in order to hold the uptrend green line must hold
in order to have a safe sell red line should hold
good luck guys and for any question feel free to ask :)
Yesterday we tested all time high resistance but price didn't close above the resistance line ( red line )
to confirm a strong uptrend we need to close above the resistance ( red line ) and red line should turn into support to maintain
the direction of the uptrend
Right now price is stuck in a choppy area between green line and red line ( triangle area )
If you are long you want green line to hold as support in order to break the red line resistance
if price closed below green line support 4 hour candle close below
Price could drop to orange support line but keep in mind that this support line could not hold so as a buyer
you wanna buy from safe good demand areas which is areas below the orange line
if you are a buyer from these areas your stop should be 4 hour candle close below demand areas or orange line
if you are a seller from red line you don't want a clear 4 hour candle close above red line
Note : RSI price action can give us a good hint for the direction
price is ranging between green line and red line .. in order to hold the uptrend green line must hold
in order to have a safe sell red line should hold
good luck guys and for any question feel free to ask :)
Trade with care