Is BTC Done Dropping?

This is just for educational purposes. At this range I would be very careful getting into a position but this may be a good short term move with a tight stop.

I think it is possible that we could see a short term bottom around 3860. I would like to see another drop and hold at 3860 to form the double bottom reversal which would give you the opportunity to enter the trade.

A break below 3840 and I would abandon ship.

Comment:

Getting ready for an entry.

for this to pan out we need to break through 3910.

If we fail to break 3910 a drop to 3850-3800 is more likely.

Trade closed manually:

Broke 3910, now we're in neutral territory.

A break of 3920 is much needed so we do not print a lower high which would lean more in favor of the Bears.

Comment:

So far so good.

Now to hold above 3950 and we can make our attempt at 4000.

Comment:

Nice push through 4000.

We fell out of 4000 once to 3990 and quickly came back up which is good.

I would like to see the 3990 hold on a retest or at minimum 3980 hold.

Less than that and it becomes a neutral fight.

If the 3950 cracks the Bears would be in favor to dump it harder and this whole move could have been designed before a major dump.

Comment:

Closed the trade after 4050 rejection.

I just don't like the way we went up with low volume and then hard rejection at 4050.

It is still possible to reach that 4100+ target, but I'm happy with my exit.

Until the next trade :)