BTCUSD: Short term sell setup - Long term buy opportunity ahead
🔁 Review of Yesterday’s Plan
After BITSTAMP:BTCUSD rallied and set a new high at 126,190, the market entered a corrective phase.
In yesterday’s plan, we expected that:
Once the H1 candle closed below EMA, BTC could continue its decline and retest the lower support zone.
After touching support, price might pause briefly, then break lower to continue the downtrend.
Currently, BITSTAMP:BTCUSD has broken below and is consolidating sideways within a narrow range on H1, aligning perfectly with the anticipated correction scenario.
📈 Trading Plan for Today
On the H1 timeframe
Two key levels to watch for the Sell plan:
Resistance: 123,449
Support: 121,293
Scenario 1:
If price fails to break above EMA and keeps consolidating near 121,238While staying below EMA, → wait for a BB (Break Block) confirmation → Sell following the breakout signal.
Scenario 2:
If price retraces toward EMA and moves up to test 123,471→ wait for bearish confirmation around resistance to Sell from that level.
On the Daily timeframe
After the strong rally, BTC is now undergoing a technical correction.
The plan is to wait for price to pull back to retest the upper boundary of the previous range around 116,995, and Buy from that area.
Alternative setup:
If price reaches EMA sooner without testing the 116,995 zone,→ wait for BTC to accumulate momentum, then look for DD (Double Doji) / FB (First Breakout) pattern confirmation → Buy after signal confirmation.
🎯 Summary:
Short-term (H1): Bearish correction.
Mid-term (Daily): Bullish bias intact, waiting for confirmation near support.
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Daniel Miller @ ZuperView
