BTCUSD potential short setup and alternative
Bitcoin currently trading within a compressed pattern while clearly making new lower highs and lower lows.
Might have a high probability if the lower band breaks that bitcoin will look up the 25k range before finding some upward liquidity again.
Might have a high probability if the lower band breaks that bitcoin will look up the 25k range before finding some upward liquidity again.
Comment:
Seen from the daily
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An alternative scenario would be that Bitcoin respects the lower wick support and maybe have some fake out going and break to the upside. A very potent target would be the 29k range in that case.
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Seems price is at a key level right now. If the bottom of the range doesn't hold and breaks structure it might go in to another freefall. If it does hold and selling pressure on the top of the compression range dries, a 28k or even 29k are on the table again.
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Not much happening today, but I think that will change as soon forex opens.
Bitcoin being the anti fiat, quite correlates to king fiat, the dollar.
Looking at DXY it seems the dollar is gaining momentum and support. This could lead to testing the 105-106 range again and might even break up to higher levels. If that is the case, this might be bad for Bitcoin and will easily look up the 25k range or worse.
Bitcoin being the anti fiat, quite correlates to king fiat, the dollar.
Looking at DXY it seems the dollar is gaining momentum and support. This could lead to testing the 105-106 range again and might even break up to higher levels. If that is the case, this might be bad for Bitcoin and will easily look up the 25k range or worse.
Comment:
Price had its slight fakeout and now back at the key level.
If this level doesn't hold and break up, then a break of structure on the downside will trigger my short. Let's go!
If this level doesn't hold and break up, then a break of structure on the downside will trigger my short. Let's go!
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Well, the 'alternative' is now on the table.
This might turn into plan B, no pun intended,
Lot's of high impact data from both EUR and US. Definitely something to watch out for today. Certainly a potential catalyst or fud generator.
This might turn into plan B, no pun intended,
Lot's of high impact data from both EUR and US. Definitely something to watch out for today. Certainly a potential catalyst or fud generator.
Comment:
Bitcoin currently heading back in to the compression range with a correction of previous impuls up. Would love to see a bounce of the range and a breakout on the upper side again. Then a nice potential trade to 28k might be on the table. Previous impuls did happen in the Asian session, so I'm curious to see if this going to continue tonight. If not, we're going to be back at coinflip range and a short setup will be back on the table.
Trade closed: target reached:
Target 1 finally hit. def room for more