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Looking at our trend timeframe we see price continues to respect our down trend, stochastic rsi showing momentum starting to shift in favor of bulls. Support has been found at 500 satoshis, last time we were at this price was back in March. The run in March went from 500 to 2000 within a couple of weeks, will watch smaller timeframe for entry.
Shifting over to our pattern timeframe we see today’s candle opened at 559 with a high of 561 satoshis. Resistance found at 570, a daily close above this level activates our trade. Expecting price to retrace towards 500 for a retest, depending on momentum we could see a sell off towards 450. Sitting on my hands until a daily close above 570, or a bounce off 450.
Conclusion
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Disclaimer: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
