Hello TradingView Family, hope you all had an amazing weekend and ready for the upcoming trading week.
The latest Bitcoin impulse reminds me of the previous one from 8k to 40k.
Step 1: BTC broke two key rejection zones in a row, the 20k and 30k to finally find resistance around the 40k.
Step 2: then we had a deep retest/correction till around 30k before the next impulse movement started.
NOW, WHAT? Will History Repeat Itself?
Step 1 done: BTC broke two key rejection zones in a row, the 40k and 50k, and now approaching the 60k.
Step 2: Are we going to have that deep retest? or will BTC break the third key rejection zone and test the 70k?
As per my trading style:
The correction phase would be confirmed when a bearish reversal setup is activated on lower timeframes (like a double top, trendline break, and so on...)
and in this case, I will be looking for buy setups to form as it approaches the 50k to catch the next impulse.
Meanwhile, until a bearish reversal setup is activated, BTC would be overall very bullish and can still break the 60k. The break would be confirmed with a big bullish candle closing above it. In this case, I will be looking for buy setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
The latest Bitcoin impulse reminds me of the previous one from 8k to 40k.
Step 1: BTC broke two key rejection zones in a row, the 20k and 30k to finally find resistance around the 40k.
Step 2: then we had a deep retest/correction till around 30k before the next impulse movement started.
NOW, WHAT? Will History Repeat Itself?
Step 1 done: BTC broke two key rejection zones in a row, the 40k and 50k, and now approaching the 60k.
Step 2: Are we going to have that deep retest? or will BTC break the third key rejection zone and test the 70k?
As per my trading style:
The correction phase would be confirmed when a bearish reversal setup is activated on lower timeframes (like a double top, trendline break, and so on...)
and in this case, I will be looking for buy setups to form as it approaches the 50k to catch the next impulse.
Meanwhile, until a bearish reversal setup is activated, BTC would be overall very bullish and can still break the 60k. The break would be confirmed with a big bullish candle closing above it. In this case, I will be looking for buy setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
