Now compare the above chart to the exact same chart below with nothing but pure price action setups and
support and resistance levels marked.
Have a look at the rejections that price is having around the major and minor
support and resistance levels marked off on the chart.
Not exact matches
The lower two charts display the weekly & monthly time - frame, with their respective closest swing high
and swing lows clearly
marked, as potential future
Support /
Resistance levels, where I will focus my attention to the price action that occurs on my top two charts (4 hour
and daily time - frame) when price moves to one of my SR
levels on the highest time - frames.
Before considering any trade,
mark out the
support and resistance levels.
We can also
mark short - term or nearby horizontal
support and resistance levels to look to trade from them.
Here's a good exercise for you to work on: When
marking support and resistance levels on your charts,
mark the longer - term «key»
levels first
and then draw the shorter - term
levels.
On intra day charts, Bitcoin now faces
resistance around $ 11,250
and $ 11,350
levels, while
support stands around current
levels of $ 11,180
mark.