How to find resistance during downtrendOleg Alexandrov
After a big distribution zone above 9300 (from 21/Jun till 24/Sep), #BTC market is producing movements like “2 steps down – 1 step up”. This is downtrend condition, and sell&hodl is the most reliable idea. When entering shorts?
- find resistance
- sell close to resistance (during test of resistance) and place SL above resistance.
Current chart shows how to find resistance. Look the volume&price. Find ND+SB confirmed pattern.
- #ND is No_Demand with weak attempt to advance on exhausting volume
- #SB (or SW) is Supply Pressure Bars/Waves – accelerating decline amid increase of volume.
Plot the Zone at these levels. It would be a rational RFSB – resistance from Supply Bar. Wait for test and join bearish team after confirmations on the faster TF (such as minor buying culminations / SLKT).
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
No spam is guaranteed.