It is important to not take a bullish/bearish bias and to just play the key levels and information as you see it.
That being said, lets zoom all the way out a bit. Don't get stuck looking at the same 5min charts and take some context. So starting on the 4hour (tradingview . com/x/W4gL6ACD/does it seem unlikely that there will be some relief here, not at all, that is a huge sell off right when people thought it was the bottom originally! (but look at the macro environment and outside of crypto, financials are dogsh1t. Take this into consideration.) Zooming into the 1 hour; 21720 remains the area which I will start looking for scalp longs instead of shorts and 18300 and 17200 ish are the areas where I am looking for scalp longs. These being the mark for a higher high and the 4H and Daily OB levels respectively. Until these areas, the positions are with minimal risk, tight SLs and short time frames rather than longer swings.
These are the levels more graphically. It is what it is, play no bias and take it how it comes within the key time frames and killzones :)
That being said, lets zoom all the way out a bit. Don't get stuck looking at the same 5min charts and take some context. So starting on the 4hour (tradingview . com/x/W4gL6ACD/does it seem unlikely that there will be some relief here, not at all, that is a huge sell off right when people thought it was the bottom originally! (but look at the macro environment and outside of crypto, financials are dogsh1t. Take this into consideration.) Zooming into the 1 hour; 21720 remains the area which I will start looking for scalp longs instead of shorts and 18300 and 17200 ish are the areas where I am looking for scalp longs. These being the mark for a higher high and the 4H and Daily OB levels respectively. Until these areas, the positions are with minimal risk, tight SLs and short time frames rather than longer swings.
These are the levels more graphically. It is what it is, play no bias and take it how it comes within the key time frames and killzones :)
Comment:
Pretty accurate general idea.