BTC 1H: Potential Long Entry
This parabola is still in play. We were long overdue for a correction, we have not seen a correction that violent since the start of this massive uptrend about 3 months ago. This is healthy overall. Now that many retailers have thrown in the towel from buying at the top, I would expect lower for a while as the new uptrend accumulates. Once the uptrend is obvious, the retailers will feel more confident and the euphoric buying will begin once again.
Again, wait for the pullback for the confirmation, as this could be a bull trap and we can see the price fall through the floor again. Set tight stop losses. It looks like support is at the 10600 level, so I am thinking a stop loss at 10400 is appropriate.