BITCOIN - There's Still A Chance For Local Uprise Continuation
Hello everyone, rouzwelt here
Let me start by pointing out the wyckoff events happening in the chart (screenshot below), as I have been talking about this in my last posts, I clearly said that the dump to the 29k area may actually be a spring but for that to be the case we sure need to see a macro higher high above 42k and the a successful retest of around 40k, and also if BTC fails to do so then that would be good indication of redistribution and lower levels are ahead after forming the LPSY.
But let's get back to the main chart for a shorter-term analyze. As you can see BTC failed to break 36.5k resistance and rejected, and as of right now is testing the main down-trend line (blue down-sloping line). it is not yet completely broken, we need to see a 4H or daily close below the trend line so the break gets confirmed and until we get that, price is still in local up-trend and can rise higher.
As you can see BTC is now moving inside a rising channel (yellow lines) and this can be a bearish flag and a continuation of the main down-trend, but it's too early to say that with certainty. I also have projected the possible price development in the chart (green arrow for bullish scenario and red arrow for bearish one). If BTC fails to break 36.5k level again at retest then price may dump to test the lower side of the channel where it crosses the blue down-trend line which would be good area to test them both at same time, if fails at that point the we dump even more and if not we may rise to test the upper side of the channel.
But if BTC manages to break above 36.5k then that's a confirmed local higher high and we can expect the local uprise to continue. Just remember that these projections are for showing the possible price action and that might not be play out, it's just for showing the main concept of the price movement, and for me if something close to that happens or something in that general shape happens then its great.
So we should wait for some hours and see how the price develops and then act accordingly, I'm in a long position at 34700 and I have not yet closed my position and my SL is still in its place (-2.6% of entry), I need to watch the traded volumes at key levels and see if more buyers are willing to step in at this levels or not, if not then I'll be closing my position manually if I get the chance, cause any break down of the main blue down-trend line at this point would trigger my SL automatically, so I'll be out of my position as soon as the momentum shifts to the down side again.
That's all for now, have fun and trade safe.
Let me start by pointing out the wyckoff events happening in the chart (screenshot below), as I have been talking about this in my last posts, I clearly said that the dump to the 29k area may actually be a spring but for that to be the case we sure need to see a macro higher high above 42k and the a successful retest of around 40k, and also if BTC fails to do so then that would be good indication of redistribution and lower levels are ahead after forming the LPSY.
But let's get back to the main chart for a shorter-term analyze. As you can see BTC failed to break 36.5k resistance and rejected, and as of right now is testing the main down-trend line (blue down-sloping line). it is not yet completely broken, we need to see a 4H or daily close below the trend line so the break gets confirmed and until we get that, price is still in local up-trend and can rise higher.
As you can see BTC is now moving inside a rising channel (yellow lines) and this can be a bearish flag and a continuation of the main down-trend, but it's too early to say that with certainty. I also have projected the possible price development in the chart (green arrow for bullish scenario and red arrow for bearish one). If BTC fails to break 36.5k level again at retest then price may dump to test the lower side of the channel where it crosses the blue down-trend line which would be good area to test them both at same time, if fails at that point the we dump even more and if not we may rise to test the upper side of the channel.
But if BTC manages to break above 36.5k then that's a confirmed local higher high and we can expect the local uprise to continue. Just remember that these projections are for showing the possible price action and that might not be play out, it's just for showing the main concept of the price movement, and for me if something close to that happens or something in that general shape happens then its great.
So we should wait for some hours and see how the price develops and then act accordingly, I'm in a long position at 34700 and I have not yet closed my position and my SL is still in its place (-2.6% of entry), I need to watch the traded volumes at key levels and see if more buyers are willing to step in at this levels or not, if not then I'll be closing my position manually if I get the chance, cause any break down of the main blue down-trend line at this point would trigger my SL automatically, so I'll be out of my position as soon as the momentum shifts to the down side again.
That's all for now, have fun and trade safe.
