SforShiraz

Past Resistance-Present Support

BITSTAMP:BTCUSD   Bitcoin
I would like to put my focus on this resistance trend line that now has a very high potential to become our support. Personally, I will wait for the price to retest this level and buy upon confirmation with a nice green candle. I believe we just completed 5 Elliot Waves and I'm expecting an ABC correction, where price would fall on the past resistance line and turn into support. This level is equivalent to 38.2% Fib Retracement Level. Others might wait for the price to retrace to 50% or even 61.8% Retracement Levels, but I'm not willing to take that risk.
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