It went for a third drive on the 1hr chart and then broke down the channel with an impulsive move. This is suggesting to me that the move down is probably not over and there's a chance that it'll retest the 9.5k area, which should be seen as a chance to buy. Why? Because there's nothing suggesting that the very strong move it made this last 3 months is over, i don't seen any divergence, momentum indicators are strong, so this should only be seen as a natural correction after a strong bullish break out.
No position - I don't have any intention to fade this move. I'm just looking for a possible chance to buy.
Bearish in the short term - The chart suggests that the cooling of of bitcoin is not over.
No position - I don't have any intention to fade this move. I'm just looking for a possible chance to buy.
Bearish in the short term - The chart suggests that the cooling of of bitcoin is not over.
Trade closed: target reached:
Bitcoin has been technical beautiful to trade. Followed the structure and reacted very well to the support zone.
It also created a channel (not drawn in the chart) and the position was open when it broke above, at 10.2k.
Now it's sitting on resistance and i want to see how it reacts. The move from 9.6k to 11.5k was impulsive imo, which means that there's a big chance it's going to break higher and test 14.5k.
I'll open another position when it breaks and closes above 11.6k.
Cheers
It also created a channel (not drawn in the chart) and the position was open when it broke above, at 10.2k.
Now it's sitting on resistance and i want to see how it reacts. The move from 9.6k to 11.5k was impulsive imo, which means that there's a big chance it's going to break higher and test 14.5k.
I'll open another position when it breaks and closes above 11.6k.
Cheers