Clear resistance on bitcoin at the blue box area, acceptance and consolidation above would open the gates to 23k area at least, where I would be looking to short any deviation above all the way down to new lows.
Retest the blue area, and close back below the trendline, and that's a short for me to those objectives, especially 15.9k area.
In both cases, the stop is a close again above/below blue area, once trend is confirmed thats the box I want to see hold.
Not looking to take any other trade for now, resuming:
close above blue : long to those 3 objectives
Close below trendline after retesting the blue area: short to those 2 objectives, specially 15.9.
But I would love to see those highs taken before moving down, classic continuation pattern in a bear market where they trap longs above the range, clean previous highs and break down for continuation to new lows, pattern that we have seen many many times with bitcoin. letting previous highs untouched always decreases the probability of a short trade,
Good luck.
Retest the blue area, and close back below the trendline, and that's a short for me to those objectives, especially 15.9k area.
In both cases, the stop is a close again above/below blue area, once trend is confirmed thats the box I want to see hold.
Not looking to take any other trade for now, resuming:
close above blue : long to those 3 objectives
Close below trendline after retesting the blue area: short to those 2 objectives, specially 15.9.
But I would love to see those highs taken before moving down, classic continuation pattern in a bear market where they trap longs above the range, clean previous highs and break down for continuation to new lows, pattern that we have seen many many times with bitcoin. letting previous highs untouched always decreases the probability of a short trade,
Good luck.
