As per my last video analysis (attached below) on Bitcoin, we were waiting for a deep retest till around 35000.0 to look for buy setups.
And as mentioned in the video, we will know that the corrective phase begins when the price breaks below the previous swing low (blue) exactly like what happened in the previous setup.
and as you can see, it is happening now. Bitcoin broke below the last swing low, so the corrective phase is on.
Step 1 done
Now Waiting for Step 2
The question is, are you patient enough? to wait for the setup to form?
Well, as per my trading plan, I am waiting for two lower swing highs to form, forming a valid trendline. As shown in the picture. (or any bullish reversal pattern)
Then and only then, we will be buying Bitcoin after a momentum candle close above the last swing high. (gray area)
N.B > as I always say, unless Bitcoin breaks aggressively below the 35000.0 round number, then the momentum will be shifted from bullish to bearish. For now, Bitcoin is overall bullish and we will be looking for buy setups.
good luck!
~Rich
And as mentioned in the video, we will know that the corrective phase begins when the price breaks below the previous swing low (blue) exactly like what happened in the previous setup.
and as you can see, it is happening now. Bitcoin broke below the last swing low, so the corrective phase is on.
Step 1 done
Now Waiting for Step 2
The question is, are you patient enough? to wait for the setup to form?
Well, as per my trading plan, I am waiting for two lower swing highs to form, forming a valid trendline. As shown in the picture. (or any bullish reversal pattern)
Then and only then, we will be buying Bitcoin after a momentum candle close above the last swing high. (gray area)
N.B > as I always say, unless Bitcoin breaks aggressively below the 35000.0 round number, then the momentum will be shifted from bullish to bearish. For now, Bitcoin is overall bullish and we will be looking for buy setups.
good luck!
~Rich
