Bitcoin's PA of late has seen price go through resistance like a hot knife through butter. We went up quickly and earlier than many had expected, myself included. I picked up some DOT earlier, but not as much as I'd liked to. This scenario presented could be a decent buy if Bitcoin retraces to the 42k or 40k area, clean some liquidity and fill the FVG areas identified in the chart.
I think it's important to trade carefully and see how we react on retrace of the 21 Week EMA , just to be cautious. We have seen Bitcoin retrace above the 21 Week EMA , consolidate, then drop again. This set up is intended to play the bullish reversal from a retracement, to 45,000 or beyond.
In the chart above I’ve identified Market Structure Break areas, these breaks of structure of the 4hr and 1hr time frame help make decisions when trading on the lower time frames. Always use in conjunction with other areas of confluence.
OBs and Points of Control from the 4hr range recent swing low with entry targets.
Same with as above but below is the scenario where Bitcoin retraces a little lower. For me, Bitcoin's price action is a big factor in making swing trades across the daily and weekly time frames. So I'll be watching that space!
Interestingly enough, on the Line graph I see different levels for potential MSBs.
Let me know what you think and have a good week guys.
I think it's important to trade carefully and see how we react on retrace of the 21 Week EMA , just to be cautious. We have seen Bitcoin retrace above the 21 Week EMA , consolidate, then drop again. This set up is intended to play the bullish reversal from a retracement, to 45,000 or beyond.
In the chart above I’ve identified Market Structure Break areas, these breaks of structure of the 4hr and 1hr time frame help make decisions when trading on the lower time frames. Always use in conjunction with other areas of confluence.
OBs and Points of Control from the 4hr range recent swing low with entry targets.
Same with as above but below is the scenario where Bitcoin retraces a little lower. For me, Bitcoin's price action is a big factor in making swing trades across the daily and weekly time frames. So I'll be watching that space!
Interestingly enough, on the Line graph I see different levels for potential MSBs.
Let me know what you think and have a good week guys.
Comment:
We were pretty close to a MSB on the 4hr. Stay cautious and watch Bitcoin's PA!
Comment:
So far very happy with profits from this trade. If you're in on futures like me, I have taken some profits and moved my SL to BE. No harm in taking the risk out of trading, all the best!