Hoosier812

6 Week Consolidation - 3 Week Channel

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
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8
Larger Descending Channel from June 1st: TL Supp @ 8000-8400
BTC in Ascending Channel since June 27 - TL Support @ 8900-9000
Higher Lows + Higher Highs since June 29
Bullish Div (hidden) on 4H + 1H
Demand Zone - 8800-9000

Bull Scenario: BTC bounces from 8900-9000 to make HH / Test TL Resistance @ 9500
Bear Scenario: Lose TL Support ( ascending channel ) + Make Lower Low + Fall through Demand Zone:
Target: TL Support of Descending Channel - 8000-8400

Trade Idea: Long
-Bullish Candle + Volume following Re-Test of Demand Zone with long tail wick
-Entry: 8950-9050 SL 8800 (invalidation @8800 - lose demand zone and TL support)

Trade Idea: Short
-Lose 8800 support w/o ( Volume + Bullish engulfing Candle/ long tail wick)
-Wait for Re-Test of TL support turned Resistance (ideally a slow grind back)
-Entry: 8800-8900 SL 9050 (invalidation @ 9050 - reclaim ascending channel )

Comments

Hidden bullish divergence you underlined on the RSI. Great analysis
Reply
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