For the coming week, here are the 3 inflection points we are anticipating for a new swing trade long signal.
1. 10,500 Support: Previous .
2. 9850 Support: Recent minor support.
3. 9K Support: Trend support. If price clears this area, it would be signaling a possible change from broader to broader consolidation.
There is no way to know which level the market will choose. Reaching a level alone does not justify taking risk, it is only the first step in our trade process. Confirmation in the form of price structure and patterns are required to follow.
We do not short Bitcoin because we do not use leverage, and it is beyond the scope of our risk tolerance, so we WAIT.
For those interested in shorts, on this time frame, risk can be defined from the 11,200 area. The inflection points on this chart can serve as a reference for profit targets. They are proportional and conservative.
Do not lose sight of the fact that the broader trend CONTINUES TO BE . This means counter trend trades are more likely to fake out, or likely to have much less potential. This is why conservative targets on the short side make sense for now.
Thank you for checking out my analysis, hope you find it helpful.