BTCUSDT - Trading Range (Retest)
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2Hour Chart - UTC+1
My best effort attempting to draw a trading range that the price if currently retesting to enter back into the range. Will create a separate chart idea for a possible trading range should we continue to the upside.
Trading range:
Bottom 21,500 Top 24,300 and Middle 22,900. At the time of writing, possible retest of the top of the range. Not having yet hit the weekly at 24,295 could possibly be a signal for a front run however, levels between this weekly and daily levels above seem to be well respected. * The weekly was tapped. Nice reaction, lots a resistance above after recent daily action.
Fibs:
Fib Channel from low on Saturday 14 Jan at 11:00, to low Mon 13 Feb at 17:00, to higgh Thurs 2 Feb at 01:00.
Fib Retracemet from low Mon 13 Feb 2022 at 17:00 to high Thurs 16 Feb at 17:00. Interesting level is 0.618 about mid of the channel including a daily an nPoc.
Assumptions:
All monthly, weekly, daily, and nPoc Horizontal rays act as support and resistance levels. Support when price is above and resistance on price action below. Fib channel also used for indication of past and present possible support/resistance levels.
My bias:
Bullish for a break to the upside. Plenty of price discovery above should the range be broken to the upside. Although bias I'm always trading the levels as they come.
My best effort attempting to draw a trading range that the price if currently retesting to enter back into the range. Will create a separate chart idea for a possible trading range should we continue to the upside.
Trading range:
Bottom 21,500 Top 24,300 and Middle 22,900. At the time of writing, possible retest of the top of the range. Not having yet hit the weekly at 24,295 could possibly be a signal for a front run however, levels between this weekly and daily levels above seem to be well respected. * The weekly was tapped. Nice reaction, lots a resistance above after recent daily action.
Fibs:
Fib Channel from low on Saturday 14 Jan at 11:00, to low Mon 13 Feb at 17:00, to higgh Thurs 2 Feb at 01:00.
Fib Retracemet from low Mon 13 Feb 2022 at 17:00 to high Thurs 16 Feb at 17:00. Interesting level is 0.618 about mid of the channel including a daily an nPoc.
Assumptions:
All monthly, weekly, daily, and nPoc Horizontal rays act as support and resistance levels. Support when price is above and resistance on price action below. Fib channel also used for indication of past and present possible support/resistance levels.
My bias:
Bullish for a break to the upside. Plenty of price discovery above should the range be broken to the upside. Although bias I'm always trading the levels as they come.
Uwaga
There is an nPoc at 24,075 and daily just above it, of which both can be seen as a support and resistance. Must have deleted it from chart by accident before posting.Uwaga
Looking at the chart and candles, does not strike me with confidence to the upside at present. However, level wise, there is a daily at approximately 24,400. If the price can hold this daily and close above the nPoc at 24,450, it will be a good indication of strength to the upside.Uwaga
Daily open and previous day close are exactly the same at 24,647.50. Big resistance to break.
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