BTC climbed to 5500 last week and fell because it came to our big time frame supply level, marked between 5280-5665.
Market participants always work the same way, buying after a rally or selling after a huge drop. What we should do is actually the opposite, selling when the price is high and buying when its low, hence the famous phrase "Buy Low Sell High"....
Wave theory + previous fake out + Price action
Wave Theory technique + Fakeout Price action.
entry by using Sell limit order
Low Risk Entry
entry by using Sell stop order after break the trendline and making small corrective.
Bearish Bat + Supply Zone + Opposite Bullish Bat retracement level for a potential sell.
Price reacted from our Daily Bullish Bat pattern and strong Demand Zone to signal uptrend is potentially underway. For more aggressive traders, consider going down to smaller timeframe and buy on demand zone towards our sell area before reversing your trade...
Here's a quick trade on this pair.
To buy after price crosses the Bullish Bat PRZ and then wait for reversal signal - candle formation and also check RSI (I want to see oversold at least)
This trade setup offers good risk to reward.
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Found this Bat completing at my Sell Zone and also previous Resistance Line.
Usually I am the "Set & Forget" type of trader, however for this trade I am taking a more conservative approach due:
1) I am looking to short, which is against the uptrend it is having now after the flash crash.
2) Many traders will be looking to sell here since it is a resistance...