BTCUSD: Lower High Formation In Progress. Watching For 7335.

in #cryptocurrency • 6 years ago

BTCUSD -1.11% update: This market is in a slow #grind right into a resistance area . As I wrote earlier on S.C., it may look #inviting, but only if you want trouble.

The 7896 #resistance defines the bearish reversal zone which price is just under. If price is going to #fake out, it is most likely to do so near this area.

The more #attractive area is the 7335 to 7213 minor support which is the .618 area #relative to the current bullish swing. We don't know if price is going to retrace back here, but if it does, we will be looking for #bullish reversal candles.

In #summary, just because price is moving slowly higher does not make it any #safer to enter. Let the market present a sensible #opportunity. The worst thing you can do is force a trade. We have been #reiterating this idea over and over again over the #series of new articles that have been coming out. Wait it out, a more attractive reward/risk opportunity will eventually appear. 20180605_133816.png
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#Overcoming a challenge will make you that much more #knowledgeable 👍
Follow ➡️ @bitmex_investor
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6 years ago in #cryptocurrency by
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