Hello traders,
BTC is approaching to a key resistance, previous support, zone in the near short term. This resistance zone has been tested and rejected starting from 13th of Jan, 4 times as shown in the daily TF.
My hypothesis is that this time because EMA ribbon is also showing a reversal, BTC might break the resistance zone and approach to the next minor and major resistance zones, the first grey area above and the golden pocket respectively.
I would wait for a breakout from the resistance zone and follow up with the re-test of the zone. Only then enter a long position with a SL below 1-2 ATR of the resistance.
No trade if we don't see a clear breakout of the resistance, a retest of the resistance, and nice big volumes.
Have fun and good luck.
BTC is approaching to a key resistance, previous support, zone in the near short term. This resistance zone has been tested and rejected starting from 13th of Jan, 4 times as shown in the daily TF.
My hypothesis is that this time because EMA ribbon is also showing a reversal, BTC might break the resistance zone and approach to the next minor and major resistance zones, the first grey area above and the golden pocket respectively.
I would wait for a breakout from the resistance zone and follow up with the re-test of the zone. Only then enter a long position with a SL below 1-2 ATR of the resistance.
No trade if we don't see a clear breakout of the resistance, a retest of the resistance, and nice big volumes.
Have fun and good luck.
52000 is first target