Hi all,
Just a general overall look at the 4hr TF to gauge a feel for a move on the 1 day TF.
Has happened: BTC hit resistance at 6530 and descended since to 6254.05 and bounced for an aside bar on following candle, inside bar broke bearish.
Happening now: Still descending and approaching 30 on the RSI currently at 6284.
Expecting to happen next: As we approach 30 on the RSI and the previous low I'm expecting to find support in the circled area and will look for a trend reversal pattern here. Either inverted head and shoulders, fish hook, or volume climax as a result of a final dump with the dip being bought.
Plan: Buying if expectations go as planned.
Contingency: If I have entered and Support is broken then stop loss is set below 6205, if I haven't entered due to support being broken then will look for next support level at around 6090 for entry.
Just a general overall look at the 4hr TF to gauge a feel for a move on the 1 day TF.
Has happened: BTC hit resistance at 6530 and descended since to 6254.05 and bounced for an aside bar on following candle, inside bar broke bearish.
Happening now: Still descending and approaching 30 on the RSI currently at 6284.
Expecting to happen next: As we approach 30 on the RSI and the previous low I'm expecting to find support in the circled area and will look for a trend reversal pattern here. Either inverted head and shoulders, fish hook, or volume climax as a result of a final dump with the dip being bought.
Plan: Buying if expectations go as planned.
Contingency: If I have entered and Support is broken then stop loss is set below 6205, if I haven't entered due to support being broken then will look for next support level at around 6090 for entry.