BTCUSD – Weak Corrective Move Headed Into Static/Dynamic Resistance (Weekly chart)

Chris Capre 2ndskiesforex

Price Action Context

Since the strong impulsive sell off in November last year, Bitcoin has been trading in a very tight horizontal corrective move, indicating that buyers really aren’t able to gain any ground. Price is now closing in on a static key resistance (top of corrective structure) which coincides with a potential dynamic resistance (20 EMA), creating a confluence.

Trending Analysis

LT bias is clearly bearish and this weak pullback into the static + dynamic resistance can offer potential shorting opportunities to traders looking to go short.

Key Support & Resistance Zones

R: 4215 – 4500
S: 3200 – 3450

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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