We've noticed Bitcoin price action currently respecting a bearish market structure. We can see in the current wave of price in the D1 and H4 that price has been tanking through demand zones, whilst respecting retests of these zones as price continues to drive lower.
Currently we are at a critical strong level. If price respects the retest of the chart pattern as well as the strong supply zone that price is in, then we can expect price to continue pushing lower. Short trade targets in the event of the retest holding can be to fill the range through to the demand zone. If we have enough buyers and price manages to void the retest and the supply zone, I'd wait for a retest of this broken supply zone before looking for opportunities to go long.
Currently we are at a critical strong level. If price respects the retest of the chart pattern as well as the strong supply zone that price is in, then we can expect price to continue pushing lower. Short trade targets in the event of the retest holding can be to fill the range through to the demand zone. If we have enough buyers and price manages to void the retest and the supply zone, I'd wait for a retest of this broken supply zone before looking for opportunities to go long.
Trade closed: target reached:
As we can see, the bearish structure price was in held due the selling pressure and saw price continue to push to the downside thereby filling the range and hitting our take profit targets.
Watch out for the next trade idea about what possibilities I see for BTC from this point onwards.
Watch out for the next trade idea about what possibilities I see for BTC from this point onwards.