In that case red or green?
It is possible that the price will hit 6250-6300 are before real reversal happens!!
Logical and Possible Path in the near future!
Price can make backtest before some deeper downside movement happen!
Generally, all support levels were broken, waiting for some pullback!
T1 and T3 are the most important levels in this view!
Sure more BTC extreme movement can change this pic too!
Black or Blue that is the question now...
Not so clear but one thing is always clear! Rule 5 0. Use optimal money management and risk-reward ratio always no exceptions 1. Loss of opportunity is preferable to the loss of capital. 2. Picking safe, readable, and ultimately high probability trades is the way to go. 3. Use logical profit objectives for all positions. Know your exits and stick to them. 4....
The situation is more complex than I think it will be! Price is again inside of the previous wedge but also not too much broke the upper wedge line yet . It is only like fake breakout from the first time! If price going deeper and broke the previous low than I will start to believe Mr. Xi rally was only a stop grabber from the wedge and a downside movement in one...
The price of BTC is at a very critical level! Still not have any bullish signs and 5 of 5 reason is completed The price still holds out of the wedge what is the only good sign for now! If price can hold above that level than Mr. Xi's rally was just a beginning! If the price strongly going back into the wedge than a much lower movement can follow that action!
Backtest on the upper wedge line! Possible reversal point!
There's a little difference between Binance BTCUSDT and Bitmex XBTUSD diagrams! Level 8335 what is almost touched but not is the same level at Bitmex at 8355 what is already touched. So from my point of view, the job is done and our buy level is really the best that can be! Sure always can go higher and lower but from a probability point, this is it! So there's...
Very simple setup with a very high risk-reward ratio!
Target area reached Orders filled! Started from here and here
Maybe it will hit the previous low also at 8335 but no matter! target1 is 11400 target 2 13300