BullRider802

BTC Intraday Outlook

Short
BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Confluence of Short:
1. Supply zone met at 11750; rejected
2. RSI bearish divergence (price HH, RSI LH) on 1H and 12H
3. Spinning top candle signifies reversal
4. Extended beyond 100% FIB retracement without meeting supply of a higher level.
5. Over-extended price should correct to liquidity/demand bloc

What the Future Holds:
1. ABC correction is common after a 5 wave impulse, which we just completed
2. ABC corrections at most tend to retrace to 0.618
3. Liquidity exists at 0.786
4. Demand bloc at 10980 (0.786) established by July 26-29 consolidation. Numerous wicks and candles reversed at this level

Trade Setup:
Entry --> 11630
Stop Loss --> 11800 (just beyond resistance)
Target 1 --> 10980 (0.786)
Target 2 --> 10600 (0.618)

Comments

Spinning top on 4 hour wouldnt indicate a full blown HTF trend reversal. We will probably ping pong around and touch the .618 a few times but thats it imo. If BTC goes to 8k after breaking that 2k month consolidation pattern at 9k, if 8.6k breaks 7k is inc not 8k.
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julian27 julian27
@julian27, price. I.e levels of support and resistance are king over technical indicators
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