Hope all safe trades these days, let's take a look at BTCUSD -2.68% pair on 2D (left) and 1h (right) Timeframes.
Im still kind a neutral on Bitcoin -2.68% for this period, we in triangle so lets try to understand how it moves closely:
On the Left screen you can see how many support levels we have under 7500 level: 7500-6100-4900-4300-3600-2900 etc... On other hand we have 3 support lines (blue uptrend ones) they could carry the selling pressure, but there is no sure, so lets take a look at 1h Timeframe on the right screen:
On 1h Timeframe we can wee corrective structure (abc's zig-zags) and thats why price consolidates in triangle right now. Bearish scenario activates on breakout from 7300 support zone (yellow box), in that case we will go down to 6100 support level .
If the price support zone 7300-7600 can hold the selling pressure - we will probably see bullish continuation up to 9000-10400$ level.
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
