SmileyTrades

When "wait and see" mode is activated! BTC Technical Analysis

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello Traders!

I'm hoping you are all doing well and prospering in this bull market. Time to get an update on Bitcoin!

To keep this short and sweet, we are in a "wait and see" scenario for the larger timeframe setups. The larger degree MM Expanded Extension setups have yet to be activated, unless you are counting that last dump as a "pivot lock" for the 38.2% line. While it IS possible, that would be a very large front run and the probability of such is lower than likely.

But to ignore the recent price action after the dump would be a disservice to ourselves as traders! What good is "wait and see" mode if you are not processing the new data that you are seeing!

It seems we are creating a potential base or a "floor" on BTC . Could this change? Absolutely, but in the meantime, this "basing" is actually looking good for bulls as well as the Median Line of the Correction Channel that price reversed at, providing confluence for an entry. The cherry on top of the cake here will be to see this Micro Long setup reach target @ $49,410, which will mean price would have broken upwards out of the Channel. That would be really good for bulls.

Let's stay aware of the larger timeframes though! The larger setups carry much more weight than the smaller ones, so we must remain alert of the possibility of a volatile dump that would eventually lead straight an entry into the larger degree Long.

I won't post actual Entries/Exits this time as I wouldn't want any of you following to take the Micro setup and over-leverage. Stay tuned! We shall be rewarded for being patient in this market!

As always,

Happy Trading, always manage risk.

P.S. - there are some great updates and things happening over at our Discord! It would be awesome to have you all participate in the growth of that community as well as be able to receive DAILY Bitcoin and Ethereum updates, and MUCH MORE! Links are in my Bio :)

P.S.S. - I know the text on the chart is small here, I apologize for that. But again, I would like to emphasize the necessity of being aware of the larger degree setups as opposed to getting "sucked in" to the micro degree.
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Comments

at the moment I am waiting as well, when we will have again a break of the structure to bullish, we can definitely look for the continuation to the upside :)
+1 Reply
SmileyTrades transparent-fx
@transparent-fx, yes I agree. although, if we don't break this base soon with significant volume, the Longs will start to win.
Reply
Good idea!
+1 Reply
SmileyTrades Henry_Ross
@Henry_Ross, thank you
Reply
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