We're bouncing back up from the last decline.
However, this is not the end of the correction.
Price-wise, we've reached short target, but we need more time before we can start running bullish.
The 20 MA is acting as our support line.
You may trade the slight bounce but you don't want to miss the next correction as we may never see this price again for the next few months if not years.
However, this is not the end of the correction.
Price-wise, we've reached short target, but we need more time before we can start running bullish.
The 20 MA is acting as our support line.
You may trade the slight bounce but you don't want to miss the next correction as we may never see this price again for the next few months if not years.
Trade active:
Trade closed: stop reached
Initially, I thought BTC was too bullish to go down and finish the triangle, so I drew a support line a little higher than the bottom support line of the triangle.
I would have kept this as my scenario 1 if we had more volume at point C.
However, this is not the case and volume has been decreasing steadily as the triangle formed.
Therefore, I'm putting more weight on the scenario where price comes down to hit the bottom support of the triangle before we see a huge bullish run.
It is only a matter of where the correction will finish not whether price will go bullish or not.