However, Based on Analysis the chart above shows a very different possibility.
We recently just bounce off two historical , one at the low of 9200 and most recently again at 9800, which created a very precise higher low.
This all of which is happening in what appears to be a giant .
Taking this analysis a step further; As seen in the chart below, BTC has had several large corrections in the past. All of which have lead us to new highs.
Based on ratio analysis, plus the magnitude of this last leg. BTC should've have seen approximately an 49% retracement from its all time high.
So as long as a larger correction is not in play, the 53% correction should suffice.
My Plan of Action:
The key thing for us to do now is to keep the daily close above that dashed line.
IF it is held, I expect a nice bounce within the next couple days.
IF this line is not held, there is still hope for the Bulls. I would then look for entry within the green shown above.
IF we are able to successfully break up from the , The lines above mark possible resistance.
Clearer Target Points will be determined after this occurs.
Things to watch out for:
A Daily Break below the , could be a very dangerous sign.
I will likely close all long trades if this should happen.
Also, this post does mean I am Bull. I am merrily showing the possibilities.
Yes, the ratio chart above seems promising, however if you zoom out further, the chart tells a very different story.
Meaning there is still the strong possibility of a larger correction in play.
Requiring all of us to think and react dynamically.
I wish you all the best of luck.
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Giving us a possible short term trade: TP 11.7k
Cheers to everyone in this trade with me
Request a FREE 30 Day Trial at DepthHouse.com
Which also match's with the Volume Profile before that price like you said: Please trade with extreme caution.
Based on the daily, we just dipped down into the support zone. With CME contracts closing today I expect and hope that we see some upward movement from here.
Once again I would love to see the daily close above that dashed line above.
Gotta be on our toes though.