Approaching a new Support for BTC (22.7k - 23.2k), 2 confluence here.
1. Horizontal Support from Dec '20 with a tighter stop using the 4H timeframe.
2. Downtrend Channel extended from the Highs to the lower Highs.
We are currently at good TP Area for those in short positions. Price at time of post is at 23.2k.
Opening a new long position is not advisable yet as the probability of a continuation is usually around 70%-80%. "The Trend is your Friend"
Only after an entry confirmation will I start placing a long position as per my rules.
I always follow these 3 rules before I take any trades which I named it BAE.
Google version : Before Anyone Else, a gf or bf.
My Version:
B, Bias
A, Area of Value
E, Entry Confirmation
The RED horizontal line is a must hold for a reversal to occur. Break here and we may see further downside to 18k nicely aligned with horizontal support and fib 0.786.
1. Horizontal Support from Dec '20 with a tighter stop using the 4H timeframe.
2. Downtrend Channel extended from the Highs to the lower Highs.
We are currently at good TP Area for those in short positions. Price at time of post is at 23.2k.
Opening a new long position is not advisable yet as the probability of a continuation is usually around 70%-80%. "The Trend is your Friend"
Only after an entry confirmation will I start placing a long position as per my rules.
I always follow these 3 rules before I take any trades which I named it BAE.
Google version : Before Anyone Else, a gf or bf.
My Version:
B, Bias
A, Area of Value
E, Entry Confirmation
The RED horizontal line is a must hold for a reversal to occur. Break here and we may see further downside to 18k nicely aligned with horizontal support and fib 0.786.