Following the selloff on Friday, our view was limited downside on BTC and potential rally over the weekend. Rally failed, simple consolidation but lows held in place.
Anticipating some Monday morning volatility and green
Low risk trade (with stop loss in place, unlikely to sink below 39k, and if it does most likely just a quick liquidity grab). Could turn into a good buy opportunity.
There's no real breakout here that's been confirmed nor much bullish divergence, so we anticipate limited downside and at least a short term rally.
TP at "iv" - can adjust your fib if we drip lower.
NFA
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Will update our macro view on BTC soon
for now, we see bearish divergence playing out, with hidden bullish divergence developing below. So we can favor at least a bounce sooner or later. What happens after is yet to be seen; could fail, could turn into a bulltrap, could just continue pushing higher. We await, but for now we look to bank profits, secure more capital and minimize our risk esp at the highs. Keep an eye on global indices as they are showing similar signals
Anticipating some Monday morning volatility and green
Low risk trade (with stop loss in place, unlikely to sink below 39k, and if it does most likely just a quick liquidity grab). Could turn into a good buy opportunity.
There's no real breakout here that's been confirmed nor much bullish divergence, so we anticipate limited downside and at least a short term rally.
TP at "iv" - can adjust your fib if we drip lower.
NFA
Practice Risk Management
Please click like/boost to help support the channel, feel free to share, comment or provide some insight.
Thanks and good luck!
Will update our macro view on BTC soon
for now, we see bearish divergence playing out, with hidden bullish divergence developing below. So we can favor at least a bounce sooner or later. What happens after is yet to be seen; could fail, could turn into a bulltrap, could just continue pushing higher. We await, but for now we look to bank profits, secure more capital and minimize our risk esp at the highs. Keep an eye on global indices as they are showing similar signals
Comment:
favoring another leg lower, but local low may be in. If BTC can take out the (iv), as mentioned pullback should find support, otherwise we go back to retest the low and resume lower