With Bitcoin at daily resistance, we yesterday talked about looking to only play from the short side.
Let's today zoom into an hourly chart and have a look at the intraday price action to possibly give us an entry.
As always we start with a higher time frame chart to determine the direction we want to be trading.
Here's the Bitcoin daily chart, quoted from yesterday:
With price capped by daily resistance, we want to only be playing from the short side.
Keeping that in mind, we now zoom into an intraday chart to find an entry that allows us to maximise risk:reward.
Here's the Bitcoin hourly chart:
After waiting for the higher time frame zone to hold, we then took the last area of short term support.
When this short term zone is retested as resistance, we can use it as an entry.
A setup that is starting to play out right now.
In case you missed it, this is a setup that uses my simple forex support and resistance trading strategy.
If you're new to trading or don't quite understand my analysis, head on over and give my full trading guide a read, right here on LeoFinance.
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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