"Jack's Trading Classroom: Daily Chart Shows Support Trendline, Potential Rebound Risk"
Table of Contents
Currently, we see the daily chart of BTCUSD. After the retracement failed to reach 61.810758.5 as mentioned in the previous article, Bitcoin continues to weaken in the short term, now approaching the support level near 10315.5 on the daily chart.
The future trend has not reversed on the daily chart, and the bottom EMA144 and 169 moving averages channels are still valid. You can also see on the chart that a rising support trend line of the daily cycle is forming at the bottom. Before breaking below the low point of 9821.5, the daily chart can still be viewed as bullish.
If the bottom low of 9821.5 is breached, the rising support trend line at the bottom must have been broken, and the Vegas channel strategy triggers a stop-loss, then it will begin to be viewed as bearish. The first target on the daily chart is at 11214.0, which is a retracement at the Fibonacci 38.2 level. If it falls below this level, it will likely drop to 964.0.
Resistance levels
R1 10315.0
R2 10990.0
R3 11362.0
R4 11579.5
R5 11748.5
Support levels
S1 9782.0
S2 9419.0
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