The price moved back to the downtrend line from the daily chart. If we look at the 4H chart, we can see why the price did not move lower. We have a support zone formed by SMA, SMA, the local uptrend line, and support level. If the price can stay above this zone, it will be able to become a starting point for further upward movement. If the price breaks this zone, we should be. Sep 03, · Bitcoin is now retesting old resistance from February and the July breakout zone at $10, Two old levels of resistance combining for support can increase the odds that prices will hold. Ethereum, now well above any resistance from is digesting in a sideways fashion. Technicians need to go back to to find support. Jun 06, · All eyes are on Bitcoin and where it will go next. After failing to retest $8, over the past day, a downside move is looking more likely and Fibonacci levels could be key places to find support zones. Bitcoin Consolidation Before a Big Move Over the past 24 hours or so Bitcoin has started trading sideways between $7, and $7, During Asian trading this morning it had .
Bitcoin support zoneBitcoin: Support Zone Holds The Market for BITFINEX:BTCUSD by DLavrov — TradingView
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market.
Cole Petersen 9 hours ago. Tony Spilotro 12 hours ago. Yashu Gola 23 hours ago. I accept I decline. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading.
Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels round numbers that traders attach significance to. The higher the timeframe, the more relevant the levels become. Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures.
The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart. The arrow will be a trigger. Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis. Write your comments and questions here!