Hey TV FAM!
Here's my current outlook on near term BTC moves.
Scenario 1(S1): BTC continues down trend to Bull support. I see a likely bounce offering an open for a short term long position with a tight SL below bull support trendline, taking into account for possible liquidation wick. It should continue to previous impulse support based on RSI and MACD on the daily. I feel it will likely be rejected there and long position should be closed, at minimum, profits taken with an exit in mind. Should it fail to break impulse trend, a short opportunity with a tight SL above impulse trend can be opened. BTC should continue down past bull run support to one of the short targets shown on the chart based on MDO sentiment which has currently entered into bear fuel on the daily. This could be invalidated if BTC bounces again with a higher low achieved off of bull trend line, but a higher high would be need to validate.
Scenario 2(S2): I feel this is less likely. BTC dumps past bull trend support and heads to short targets. S1 will be invalidated in this case. A small short can be opened in the zone shown below BTL with a tight SL above bull trend, taking into consideration wicks that may form that may blow SL prematurely.
Scenario 3: I feel this is also unlikely due to MDO sentiment on the daily. If S3 is validated and BTC breaks through prev impulse support, a long can be opened using short entry zone as a SL. Let me know you opinions in the comments!
Merry Christmas TV crew and have a successful new trading year!
Here's my current outlook on near term BTC moves.
Scenario 1(S1): BTC continues down trend to Bull support. I see a likely bounce offering an open for a short term long position with a tight SL below bull support trendline, taking into account for possible liquidation wick. It should continue to previous impulse support based on RSI and MACD on the daily. I feel it will likely be rejected there and long position should be closed, at minimum, profits taken with an exit in mind. Should it fail to break impulse trend, a short opportunity with a tight SL above impulse trend can be opened. BTC should continue down past bull run support to one of the short targets shown on the chart based on MDO sentiment which has currently entered into bear fuel on the daily. This could be invalidated if BTC bounces again with a higher low achieved off of bull trend line, but a higher high would be need to validate.
Scenario 2(S2): I feel this is less likely. BTC dumps past bull trend support and heads to short targets. S1 will be invalidated in this case. A small short can be opened in the zone shown below BTL with a tight SL above bull trend, taking into consideration wicks that may form that may blow SL prematurely.
Scenario 3: I feel this is also unlikely due to MDO sentiment on the daily. If S3 is validated and BTC breaks through prev impulse support, a long can be opened using short entry zone as a SL. Let me know you opinions in the comments!
Merry Christmas TV crew and have a successful new trading year!