BTCUSDT at weekly support, likely to bounce here

We were right at unloading the position there mentioned in the last post while it was still in profit. The price has gone down drastically from that and that 4h support did not hold. Now the price has come down to the weekly support WS1. I think there is good probability that the price will find support here and there will be good bounce for having a long trade opportunity. I have presented a long setup here. At first the idea is to aim for that daily resistance DR1 but we will reevaluate the price action on the way to decide about keeping the position and also take profit along the way. Let me know what is your take on this.

تعليق:

Here is an update to this long trade we have taken yesterday from the weekly support WS1. The price has bounced well from the weekly support zone WS1 and currently trading almost 8% above. Now I have marked a new resistance level which is on the way and the first place where the price will struggle and may pullback significantly. This level is 4h resistance sitting around 67500. The idea is to take some profit there in case price reaches there and then wait for the pullback to add to the position on the new support levels the price will form while going to the 4HR1 zone. Once the price reaches 4HR1, I will share a new chart with new support levels where we will be adding positions on the anticipated pullback, So stay tuned and let me know your thoughts about the price action.

تعليق:

We had a plan to take profit at the 4h resistance 4HR1. The last push remained a bit off from this resistance and the profit could not be booked. The price retested our entry again and on this retest bounce the price finally managed to reach our first target of 4HR1 zone. This presented for us to book profit according to our plan.I think the price will pullback to at least some degree here. We shall look for the next opportunity to enter. I will share the relevant support and setup once I see it. Let me know what you think in the comments.