@Pro Team - Binance Futures Bootcamp ~ Trade Game Plan

There is an old saying that price will always move in the direction to wreck the largest number of traders. BTC closed above the $10,179 Bear Hammer on the daily, technically invalidating the bearish Rising Wedge, then wicked through the prior weekly $10,370 pivot high printing a higher wick high at $10,500 before reversing in spectacular fashion crashing through supports wicking into the 2h 200 EMA in a single 15m candle. Price is currently finding support along the lower trend line of the Rising Wedge. We are now in a price discovery phase which typically takes 8 to 48 hours to find a near-term low. The recent “whipsaw” price action leading to the lower high rejection at $10,370 culminating into the spectacular Bear Dip is further evidence the micro-trend is flipping bearish as we begin daily and weekly consolidation. There are two possible scenarios from here: 1. A bullishly divergent near-term low within the Wedge leading to an oversold sold lower high bounce where one may want to flip bearish, 2. Price discovery leading to a buyer exhausting Flag style pattern into resistance cooling off the technicals leading to an immediate bear break through the lower trend line of the Rising Wedge. The last time we had hourly oversold conditions in this range was January 23rd where BTC printed an Adam and Eve style pattern ultimately resulting in a 27% bullish move.
My trade game plan is to not try to predict the future and long hourly oversold bullish divergence as long at price continues to close above the daily 12 EMA. While we are in an embedded hourly oversold condition I will long 15m bullish divergence targeting the 15m 200 EMA / 38.2% retracement to exit at least 50% of my long and take the rest of the profit in the Golden Pocket (61.8% to 65%) range. If price fails to discover a near-term low at these levels one could anticipate a bullish reaction at the first 4h oversold conditions where price would likely be at or near the famous 4h 200 EMA. (This is my personal trade game plan please make your own trading decisions).

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DISCLAIMER: I do NOT offer financial advice. I am not a financial advisor. The content is for educational purposes only. YOU are responsible for your own investment decisions.