BTC is in a HTF correction phase, and now we have 3 scenarios:
As you can see we have this channel,
1st scenario : BTC rejects the descending trendline and heads back to the lows (bearish scenario)
2nd scenario : BTC breaks the trendline but forms a double top at the 42k level, then heads back lower (bearish scenario)
3rd scenario : BTC breaks out of the channel and completes a sharp breakout to the upside, consolidates above 42k before going higher (bullish scenario)
Right now there are no trades.
Trades to wait for in my opinion : Short the descending trendline with a stop right above it.
Short the 42.5k resistance level for double top (stop above)
Those are the 2 trades I'm looking for right now, of course, I will update you when needed.
Any questions?
Good luck traders
Remember not to break your rules
Habib
As you can see we have this channel,
1st scenario : BTC rejects the descending trendline and heads back to the lows (bearish scenario)
2nd scenario : BTC breaks the trendline but forms a double top at the 42k level, then heads back lower (bearish scenario)
3rd scenario : BTC breaks out of the channel and completes a sharp breakout to the upside, consolidates above 42k before going higher (bullish scenario)
Right now there are no trades.
Trades to wait for in my opinion : Short the descending trendline with a stop right above it.
Short the 42.5k resistance level for double top (stop above)
Those are the 2 trades I'm looking for right now, of course, I will update you when needed.
Any questions?
Good luck traders
Remember not to break your rules
Habib