Short - term upside for Bitcoin likely in the next few days
Welcome, don´t really know if I would call it a rally or a bounce but I do think we have some upside here, this is why:
1. after those two wicks stopped out and liquidated people left and right, price still closed well above the bottom of the bullish orderblock - the demand has not yet depleted
2. we have a swing failure pattern on a 4 hour chart: whenever that happens I usually look for price to run the other way
3. we also have a three - drives bullish divergence on the 4 hour time frame as well as a confirmed bullish divergence on the 12h
4. btc dominance looks bouncy
All in all, if this will turn into a legitimate rally or just a relief bounce remains to be seen but a trade is here nonetheless. My primary target is a run above the previous swing high.
Feel free to follow me on Twitter as I post a lot of exclusive content there:
twitter.com/mansasuma
Take care.
1. after those two wicks stopped out and liquidated people left and right, price still closed well above the bottom of the bullish orderblock - the demand has not yet depleted
2. we have a swing failure pattern on a 4 hour chart: whenever that happens I usually look for price to run the other way
3. we also have a three - drives bullish divergence on the 4 hour time frame as well as a confirmed bullish divergence on the 12h
4. btc dominance looks bouncy
All in all, if this will turn into a legitimate rally or just a relief bounce remains to be seen but a trade is here nonetheless. My primary target is a run above the previous swing high.
Feel free to follow me on Twitter as I post a lot of exclusive content there:
twitter.com/mansasuma
Take care.
Trade closed: stop reached:
We just closed below the 4h 200MA and 12h is looking extremely shitty right now as well. This trade is very unlikely to play out at this point, on to the next.
Comment:
Final update for this idea: while I got stopped out the price is holding well so far. With all the bullish divergences building up on various time frames I am leaning more and more to this falling wedge we are potentially in, playing out.