Let's talk a bit about the Bitcoin charts today as there are some movements in which we need to observe in order to understand the reasoning behind each price movement. We'll go by analyzing a little of the weekly time-frame first and look at the attempted reversal, but still have to wait to see if it'll be complete by the weekly candle closing today. If this attempted reversal is complete, we'll then have to see whether the price is gonna plummet down to clear buy volumes from the market first before pushing further because that is where we're having our buy limit placed, and if the price drops a bit and bounce before touching the reversal support and pushes up, that will be one quality order.
Though the weekly time-frame has attempted a reversal but haven't completed it yet, but the daily time-frame has attempted and completed a reversal already which means the daily time-frame has been in the bullish trend for a while now since each candle had been able to break resistance before rising further, and the current candle is clearing buy volumes for now ready to break above at any moment because it's previous candle was able to close above resistance, a successful break of resistance. Though the price is in a bullish trend, one thing we must not forget is that the trend is bearish in the higher time-frame which means that the bullish trend in the daily time-frame can switch to bearish at any time, so do buy with caution.
The 4 hour candle had repeatedly created higher support and resistance with each time pushing up to break resistance before plummeting down to clear buy volumes before creating a higher reversal support. Which means that the current candle is plummeting clearing buying volumes before it's gonna attempt another reversal and trying to push the price up again. Higher support and resistance showing that the chart is creating higher support to create a foundation price and higher resistance to lure and accumulate sell volumes when it starts pushing the price up to surpass that said resistance. So right now it is actually one suitable spot to buy because it has cleared buy volumes already, but not sure whether it has cleared enough yet.
Another thing I wanna add is that in a bullish trend, supports are created to set a foundation for the price and resistances are created to lure and accumulates sell volumes while in a bearish trend, supports are created to lure and accumulates buy volumes while resistances are created to set a foundation for price instead, so vice versa.
