Hi traders, BTCUSD is now right on the edge. On one side, we need to hold this region because it is the bottom edge of our wedge formation. On the other, our indicators are not sharing the same bullish perspective. If we break below this level, I would expect a volatile week. Keep in mind that breaking below could be merely a shakeout, but the odds of further slip below would be greatly multiplied. I have taken profits and am currently heavily in stablecoins and wish to observe the market before deciding how to utilize my capital.
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It unfortunately didn't.
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Above is the 1H timeframe. The price has confirmed the 32.5K target, which corresponded to the target of the Head & Shoulder formation. As for me, I did not pull the trigger at 32.5K level, as the risk of further slip was greater than a recovery. It remains to be seen, however I am of the opinion that we could have a short relief movement in the next 3-5 hours to diminish some of the pain of the horrendous price action in the past 12 hours.
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As for where we can reach, here are some interesting targets.
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For further context, here is where the fib and parallel channel is coming from
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3min, 6min, 12min, 16min. Maybe we will re-visit my 32.5k after all.
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Of course, this is just for the immediate short term. Published just for fun. Does not create any significant implications for price in the next 3 hours, 6 hour, or 12 hour.
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====== POSSIBLE RECOVERY STARTS NOW ======
Let's explain:
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To get a better understanding of the indicator I am using, and furthermore get a copy for yourselves, you can read up on tradingview.com/u/WyckoffMode/.