On the Bitcoin chart; we're seeing lower highs and lower lows since we failed to re-test the top of the current bitcoin range on the 23rd of May topping out at around 30625.
After the bullish SFP on the 26th of May created a lower low we can see how we recently found support on the .5 Fibonacci zone, based on that and the fact we have a daily nPoc at 28.58k
I believe we are likely to bounce to the upside and re-test the top of the current range, I expected us to do this sooner, more likely to have occurred over the weekend.
Still, now as we are starting a new week I'm expecting the same turn of events but in addition, I see us coming up to the daily level at 31.27k.
This is the level I will be taking my next position which will be a short, I plan on taking profit just before we reach the .618 at 27.58k and I shall be taking 3/4 / 2/3 and then letting the rest of the trade run, possibly looking for longs once there's a bit more confluence/ evidence to enter a long position.
After the bullish SFP on the 26th of May created a lower low we can see how we recently found support on the .5 Fibonacci zone, based on that and the fact we have a daily nPoc at 28.58k
I believe we are likely to bounce to the upside and re-test the top of the current range, I expected us to do this sooner, more likely to have occurred over the weekend.
Still, now as we are starting a new week I'm expecting the same turn of events but in addition, I see us coming up to the daily level at 31.27k.
This is the level I will be taking my next position which will be a short, I plan on taking profit just before we reach the .618 at 27.58k and I shall be taking 3/4 / 2/3 and then letting the rest of the trade run, possibly looking for longs once there's a bit more confluence/ evidence to enter a long position.
Trade closed: stop reached:
Stopped out
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