Evening Traders, '
Today’s analysis – BTCUSD- deviating back into its Range with a Bearish Retest being probable,
Points to consider,
- Price Action Impulsive
- Range High Resistance
(.618 Fibonacci Confluence)
- Range Low Objective
- Low Volume
BTCUSD’s immediate price action is impulsive, trading under Range Highs that has technical confluence with the .618 Fibonacci and an Order Block, allowing for a Bearish Bias.
The Range Low in the current objective, Price Action needs to take Swing High out for continuation.
The Volume Profile is below average, an influx is highly probable at a key trade location.
Overall, in my opinion, BTCUSD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”
― Richard D. Wyckoff
Today’s analysis – BTCUSD- deviating back into its Range with a Bearish Retest being probable,
Points to consider,
- Price Action Impulsive
- Range High Resistance
(.618 Fibonacci Confluence)
- Range Low Objective
- Low Volume
BTCUSD’s immediate price action is impulsive, trading under Range Highs that has technical confluence with the .618 Fibonacci and an Order Block, allowing for a Bearish Bias.
The Range Low in the current objective, Price Action needs to take Swing High out for continuation.
The Volume Profile is below average, an influx is highly probable at a key trade location.
Overall, in my opinion, BTCUSD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss”
― Richard D. Wyckoff