BTC scalp trades

1 hour Bitcoin chart currently at significant support level (~11,680). Easy to think it's a good bounce play for a long, however stoch RSI at highs, price diverging from OBV, MACD losing momentum; all signs of a slowing trend.

This support level lines up perfectly with the 4 hour and 6 hours 100 MA levels (yellow), which I may link to this post. These should all cumulatively provide significant support (which was recently flipped from being resistance), and a break back below a support this significant will indicate a possible lower high here from 11.8k, and good chance of continuation lower.

Safe trigger for short swing will be after acceptance below white rectangular support. Taking a long here would be a great entry however, since you can put stops just below the area of support for easy invalidation and minimal risk.

My bias tells me to short 11,718 with invalidation (stop) above the recent high. Riskier than waiting for break below support and confirmation however, so enter with caution.

Take the info, and play your side!

Comment:

Only got 25% of my profit triggered at the touch of the yellow box, rest closed at break even (I should have moved my stop lower but was out for a few hours). Interestingly, we are testing that 11,720 line as support after two nasty wicks above. I wouldn't trust a bounce here tho, or that support for too long. Shorting 11,794 would be the play IMO.

But it's 1am here so I'm going to bed lol. Will re-evaluate in the morning.

P.S: that 1H400EMA (red) is a legit magnet, been very useful for finding good take profit zones for my scalps. The right MA/EMA's are good for this in general on any popular time frame.