Hi Traders,
So currently we're seeing the correction/pullback. On our last post we placed two order blocks as support and resistance zones to indicate which way $BTC prices would go. As you can see on this chart prices tested those zones as resistance and broke lower reaching $45,000 before pushing back up and testing the order block as resistance. Prices then came back down breaking the previous lower low at $45,000 to reach a new low of $44,000. As things stand prices a hitting resistance levels and failing to break, indicating that sellers are in control for now.
Pricing is now setting a new structure to test as support and resistance, for prices to carry on their selling off they will need to hold the smaller two zones seen on our chart as resistance. However if prices break the zones and come back down to test as support that will indicate to us that prices will push higher back towards previous confluence zones.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So currently we're seeing the correction/pullback. On our last post we placed two order blocks as support and resistance zones to indicate which way $BTC prices would go. As you can see on this chart prices tested those zones as resistance and broke lower reaching $45,000 before pushing back up and testing the order block as resistance. Prices then came back down breaking the previous lower low at $45,000 to reach a new low of $44,000. As things stand prices a hitting resistance levels and failing to break, indicating that sellers are in control for now.
Pricing is now setting a new structure to test as support and resistance, for prices to carry on their selling off they will need to hold the smaller two zones seen on our chart as resistance. However if prices break the zones and come back down to test as support that will indicate to us that prices will push higher back towards previous confluence zones.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
