Alot going on here, but its jus because I have been charting this out since around March.
BTC has a bearish setup where we could possibly see 92.5Kish.
Looking at MSTR which is a huge follower, we broke below the 200 on the daily.
My reasoning for possible short entry (red dot).
1. Trend Based Fib (3-point in green): shows we could bounce here, but extend down toe the $200 level.
2. We could bounce here because we are re-testing the monthly IB that we broke out, we are at the 50% quadrant of that IB.
3. However, we are currently trading within the 3M quarterly candle, and the HTF breakout we had was never re-tested. Sweeping this 3M candle, would put us in a good spot for long term growth.
4. Short entry would be red dot, with covering at the last high on daily ($358ish).
BTC has a bearish setup where we could possibly see 92.5Kish.
Looking at MSTR which is a huge follower, we broke below the 200 on the daily.
My reasoning for possible short entry (red dot).
1. Trend Based Fib (3-point in green): shows we could bounce here, but extend down toe the $200 level.
2. We could bounce here because we are re-testing the monthly IB that we broke out, we are at the 50% quadrant of that IB.
3. However, we are currently trading within the 3M quarterly candle, and the HTF breakout we had was never re-tested. Sweeping this 3M candle, would put us in a good spot for long term growth.
4. Short entry would be red dot, with covering at the last high on daily ($358ish).
Trade active
beautiful drop on MSTR
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.