BTC HTF Analysis & breakdown plan(just in case lol)
First let me start off by saying I'm aware of how bullish traders are at the moment, I wanna see some upside too. I also do believe if we can go absolutely parabolic if we breakout through these major supply levels. However we've seen BTC make runs similar to the one we're seeing right now and still get shot down, so trade carefully and manage your risk.
Yes I'm hoping for a BTC MOONSHOT, and I'll be here to make another analysis regarding our ride to the upside say we do rally, but here's some tips if sellers begin their takeover-
BTC holding support upon the plotted CHoCH line, where we changed character twice previously.
If we can't rally here expect a drawback to the support level @ 20,380.
Say we break down through that level, we are looking to change character into a downtrend (CHoCH)
However I'd wait to short because the we risk rebounding from support in the 20,220-260 Range.
A confirmed breakdown below 20,220 is a decent short setup, I'd look to start a small position here, since we still have support around the 20k level.
Breaking down through this level would prompt me to add to a position and target 19,500.
After 19,500 we look to find support through an upward trend of SL's (Swing lows).
If these Lows are broken it's a free runner from there.
Please also take into account the fact that we could even rally from any of the previous support levels listed, don't think it's a dump just because we broke down through a single level.
(This is not Financial Advice, do what you want with this info.)
Yes I'm hoping for a BTC MOONSHOT, and I'll be here to make another analysis regarding our ride to the upside say we do rally, but here's some tips if sellers begin their takeover-
BTC holding support upon the plotted CHoCH line, where we changed character twice previously.
If we can't rally here expect a drawback to the support level @ 20,380.
Say we break down through that level, we are looking to change character into a downtrend (CHoCH)
However I'd wait to short because the we risk rebounding from support in the 20,220-260 Range.
A confirmed breakdown below 20,220 is a decent short setup, I'd look to start a small position here, since we still have support around the 20k level.
Breaking down through this level would prompt me to add to a position and target 19,500.
After 19,500 we look to find support through an upward trend of SL's (Swing lows).
If these Lows are broken it's a free runner from there.
Please also take into account the fact that we could even rally from any of the previous support levels listed, don't think it's a dump just because we broke down through a single level.
(This is not Financial Advice, do what you want with this info.)