As per my last analysis (attached below), we are still waiting for BTC to break below our gray area to confirm the correction. (Scenario 1) Meanwhile, until the correction is confirmed, we would be overall bullish and we will be waiting for Scenario 2!
Here are the two possible scenarios: As per my trading plan.
Scenario 1 - BTC rejects the 60k and trades lower => In this case, we will be looking for buy setups as it approaches the brown trendline or/and the 50k.
For this scenario to be confirmed / valid, we are still waiting for a candle close (H1) below the last swing low (in gray).
Scenario 2 - BTC breaks the 60k => In this case, we will be looking for buy setups on its retest.
For this scenario to be confirmed / valid, we need a daily candle close above the previous bullish candle (above the 62k).
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario is more likely to happen in your opinion? and Why?
All Strategies Are Good; If Managed Properly! ~Rich