BTC broke out of the 34-45k range that we were in for weeks, heading for our resistance area (47-50k) that we have been talking about for a while.
We rejected around the daily at 48k , dropped into the daily at 44.4k which also represented the highs (VAL) of the range that we were previously in, and saw a bounce of around 6%
Now, I believe we have 2 very simple levels to look at :
Just below the POC (@47k), we have the lows (VAL) of the small range that we put in between the 27th and 31st of march
If we can reclaim this level, then we can expect higher (push towards 49-50k)
If we can't reclaim this level (which we have rejected at the start of today) we can simply look for lower to around 44.4k (daily)
If we lose the daily, we will be back in the bigger range (34-45k) that we broke out of, and can start looking back at 42k (first major support)
Any questions?
Good luck traders
Remember not to break your rules
Habib
We rejected around the daily at 48k , dropped into the daily at 44.4k which also represented the highs (VAL) of the range that we were previously in, and saw a bounce of around 6%
Now, I believe we have 2 very simple levels to look at :
Just below the POC (@47k), we have the lows (VAL) of the small range that we put in between the 27th and 31st of march
If we can reclaim this level, then we can expect higher (push towards 49-50k)
If we can't reclaim this level (which we have rejected at the start of today) we can simply look for lower to around 44.4k (daily)
If we lose the daily, we will be back in the bigger range (34-45k) that we broke out of, and can start looking back at 42k (first major support)
Any questions?
Good luck traders
Remember not to break your rules
Habib
