Consolidation about to get over? Time to LONG?
The drop was not anticipated by many if it was, BTC would have dropped much further.
People had their SLs in 56-5900 range that triggered many liquidations that got us here.
Now, it is what it is.
Being a trader, my aim is to win more and lose less.
And I've been doing that for quite some time now.
That being said, let's take a look at what we have infront of us.
The new market structure is 4500-6k imo .
4500 being a very solid support ( Like 6k). 6k held for more than 11 months.
There is no doubt in my mind that we won't bounce hard from 4.5k if we ever get there. I think we would get there eventually.
A Major support is broken and we won't just launch into a bull run without testing the next big support.
So, following are the two trade setups I can see
Initial Entry -> 5510
Stagger 1 -> 5469
Stagger 2 -> 5424
SL -> 5400
TP1 -> 5555
TP2 -> 5640
TP3 -> 5850
TP4 -> 5973
My SL will close my LONG position and get me into a SHORT position with same amount of contracts with TPs between 5350 and 5150.
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