Bitcoin is back at testing a major fib level which has provided with great support and resistance in the past as can be seen on the weekly chart.
Going down to the daily chart and this is made more clear:
This level is very clear.
Trade idea is on the 4 hour:
After an uptrend, we have reached this resistance/flip zone. Currently, we have been ranging for days. If we break and close below this level marked with the black line, I can see a downwards move. However, we shall see how things play out in the world and if you see Bitcoin and crypto's as a safe haven, then we may break this major resistance level.
As someone who trades market structure, I am more inclined to see a break and move below.
Going down to the daily chart and this is made more clear:
This level is very clear.
Trade idea is on the 4 hour:
After an uptrend, we have reached this resistance/flip zone. Currently, we have been ranging for days. If we break and close below this level marked with the black line, I can see a downwards move. However, we shall see how things play out in the world and if you see Bitcoin and crypto's as a safe haven, then we may break this major resistance level.
As someone who trades market structure, I am more inclined to see a break and move below.
