BTCUSD: Further Strength Limited Until Trend Line Break?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Price peaks at 9177 high while the next retrace into the 8400 area is in progress. This is where I am anticipating the next higher low formation, which I will interpret as a sign of strength that can lead this market out of the persistent bearish momentum that been holding it back for some time.

Keep in mind the higher low formation is not the only scenario that can appear and part of having a flexible mindset means considering the other scenarios that can also unfold. Having a plan of action for each scenario is what puts you ahead of the herd and allows you to capitalize on an opportunity or protect yourself from an adverse move.

The higher low followed by a pin bar , or reversal combo at the 8412 support (.382 of recent bullish swing) is one scenario. Other scenarios include a retest of the 7776 area (a previous reversal zone boundary) followed by a reversal candle and the extreme low (failed low formation) at the 6941 level followed by a reversal candle.

Each of these scenarios offers an opportunity to participate in a broader higher low formation. What needs to happen next if this market is going to continue higher is the bearish trend line that is now connected by the 9177 high needs to be broken. As long as price trades below it, bearish momentum is likely to continue.

In summary, like I have written before, analysis and trading are two separate processes. Trading has to do more with making a decision: how long do you want to hold for, on what signal to buy, where to place the stop and target, and what is the target size? Your evaluation of the trend and the levels serve as a guide to help you answer these questions, and if you cannot answer them before you place a trade, you really should stay out until you have a better understanding. I am waiting for a particular candle formation and trigger in order to go long and capitalize on the higher low. IF the signal materializes, the trade details will be available on the other site.

Comments and questions welcome.
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Hi Mark, thanks for the update, when you say the trade details will be available on the other site, which site is this?
+1 Reply
Madherb brendan11
Would also like to know.
+1 Reply
“where to place the stop and target“
Given you took more than a 50% loss. For about a 5% gain on part of your position.
Can I ask again, where is your Stop ?
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I like your rational, commonsense and prudent approach unlike most of the other wofflers who give misleading tips.
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@MarcPMarkets great to catch up! Glad to have you anytime in Florida. Great things ahead for you and @goldbug1
What other site?
As always, thank you for your analysis! I appreciate you! Here is an idea I posted. Thanks
Hi Marc, is it possible to pay for the book in crypto?
Hi Marc. Thanks as always for the analysis! Is Seeking Cryptos going to consider a Telegram Channel? Be very convenient for your signals. Thanks.
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