If this OB holds, this could be a lower high forming a higher high. This trade is now set to break even, so it's now a bullet proof risk free trade.
I've been watching this price action form over the past few days, and I think we will break through the 1 HOUR order block we are currently trading into and retest the fresh 4 HR order block below. This could be the point the price bounces to form a lower high and then a higher high.
We just reacted off a 4 hour order block, however BTC looks to go lower before it goes higher and in APT, this order has been completely mitigated. We did have a small reaction off the mitigated order block, however I think it will follow the BTC price down to lower order block for liquidity before making a new higher high.
BTC has finally broken the last structure forming a possible lower high. There is a large demand at this level ( a lot of us want to buy at this price) and if it holds it could be the start of a bull run.
I took this trade at a key resistance point at the 50% mark of the nearest order block. I picked this point because price had very little other structure to retrace to for me to pick up a short. I chose to short here because the order below is more or less mitigated, and expected price to drop right through it.
I am currently in this short on Matic. I took this at a 4 Hour Order Block at a key level of resistance.
There is a cluster of 4 hour OB's sitting right here, withing a key supply and demand area with strong resistance. I will be looking here for an entry like this.
There are plenty of stops to be taken on eth under the latest trend line. With BTC not at the top of the range yet, this trade needs to have its risk managed carefully. If we get a break to the bearish side I will halve my stop loss to reduce the risk and will set this trade to bullet proof. I have seen eth in similar situations in the past 6 months where it...
Price looks like it might retest the top, if it does I will be taking that trade.
Looking at these at a minimum 3 RR The TP can be taken all the way down to the structure below