IF the low is in, buyers should defend the green left shoulder level. a H4 rejection would be a nice long signal closing below probably means we're going lower
left shoulder = support/resistance that is broken twice, meaning BTC was bought back up after closing below the support due to an absent of buyers (bear trap, kind of)
Its common for big players to let sellers finish their ordeal so they can start buying the next candle at a good price
This is possibe scenario but I think that BTC can deep below 60k
MyCryptoParadise_Nathan
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not now, we can expect little bit more correction to let the traders think that BTC is going to crash
CarloTHC
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Do you think we can build a higher low around 62,5k and 63,5k and continue an uptrend?
sleepBTC
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@CarloTHC, of course! but if BTC is ready to move up, it really should do it from here. Keep in mind the lower price goes, the higher the odds if it going even lower gets, vice versa.
my plan if BTC H4 closes below 65k: A) anticipate 60k B) wait for a new H1/H4 left shoulder setup to form somewhere inside the current leg up
CarloTHC
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@sleep_institutional, yeah that sounds reasonable. My trading strategy is really simple, therefore i am not dependent on this lower timeframe technical analysis. But i find it very interesting to see what others think in the immediate short term. Overall I am personally bullish on lower timeframe as I think that the local bottom was at 60k. Thank you for your work and hopefully you earn a shit ton of money for yourself and your family
Yes, keep it stupid simple. Took me 4 years to learn that.... left shoulder setups are essentially reversal patterns
Higher timeframe (M/W/D): everybody knows BTC is giga bullish, duh (upcoming halving, good on-chain metrics, good chart etc..) Lower timeframe (H1/H4): bearish (this one needs to flip bullish to align with HTF again, and the left shoulder setup is my favorite tool for getting involved on that shift)
Good luck to you as well
mh6464
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what is bottom price in your analysis? 65k can support?
sleepBTC
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@mh6464, Yes, though personally i would wait for a bearish H4 rejection from 65300 It just needs to close above 65300 or 6500 as a bearish candle (1 hour until that happens). Entry right after the close / when a new H4 opens and SL probably at 64k just to get out of the loss quickly
CarloTHC
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@sleep_institutional, bro the close was 65200. So what do you think
This is my idea,check it out