Happy Monday everyone! Waking up to the markets on a bit of a down trend for this lovely Monday morning, but that's okay, it's looking like we may be doing a bit of flipping! A little flipping of resistance to support that is! Let's get right into the charts to see what I am talking about.
Taking a look on a smaller time frame first, the 2 hour time frame is showing that price is bouncing off the the point of control from this time period value area. This is the heaviest area of volume for the current time period. The previous touch of this point of control line was where we met resistance and moved back down into the 19K range.
Zooming out to the 4 hour time frame, you get a bit bigger picture of the S/R flip! You see that line was twice resistance that sent the price down with some violent moves, but we have broken through that resistance and now price is coming back down as support. If this level holds support, this is looking bullish for Bitcoin and I will be looking to put in some longer term long positions.
Now zoomed into the 5 minute time period with the market cipher B indicator turned on, you will see that the big downward momentum moves looks like have played out at this point and we are getting some rising action in all of the momentum indicators. The 50 period EMA is still currently under the 200, but we may get an upwards push that could change that at really any point in the next few hours.
Looking Long From Here
From here I am looking long this week. If Bitcoin can hold the current price zone and start making a turn to the upside, we will confirm that the heavy resistance has been flipped into support and we are looking for some higher prices at some point. Can't guarantee anything in this global landscape. Things seem to get more circus like by the day. So all we can do is try to protect ourselves and the capital we have.
Remember, trading is not for everyone, so please be safe and do not trade with funds that you are afraid to lose. I haven't been that incredibly active in the last week as far as trading, which I wish I would have caught some of those moves, but hey, sometimes, you have to pay more attention to the outside world. But back to the grind this week looking for some good trades!
Be safe out there in these markets and until next time...
Be Cool, Be Real, and always Abide!
Nothing said is financial advise.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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Posted from my blog with Exxp : https://coin-logic.com/is-bitcoin-flipping-resistance-to-support/