Today we are watching BTC begin to interact with strong support level at $6,750

in #trading6 years ago

Point and Figure We have a new small column of X's confirm at yesterday's close. The long pole of X's from July 18 has been resolved. That means we have no long poles going all the way back to October 2017. That is almost a year of consolidation.

We are very close to Support Levels 2.png These are support levels I've been talking about a few weeks worth of past posts. Proper support is about $6,750. We are very close to it here.

This support area is made of these:

  1. volume node (purple) 6630-6760.

  2. original break out of inverse H&S (teal) 6770- we've touched down on this: 1.png

  3. 23% fib 6760.

  4. long pole resolution <6900.

  5. wyckoff throwback: 6753

This support level could push us up to 9k-10k where there is strong resistance. From there the market will decide to push us back down to support at 4.3k (likely) or will break up out of 10k (exciting).

We had a 4 part bull div on the 4 hour RSI recently. 3.png It played out for 2 periods, but now looks like something of a rejection of that, as we are close to new lows now against the lowest 4 hour close. I'd watch for a touchdown on that proper support at $6,750 before taking a long.