Short term Buy idea on Bitcoin. This is a riskier idea because:
A) BTC is showing signs of Weakness (so we are counter trend trading)
B) This idea is based on NFP news timing
I may wait until Monday to get clarity (unless you also trade on the weekend)
Overall Idea for this is:
- W1/M candles have big rejection wicks to the downside, retesting the previous Week's wick, hinting at some Buyside potential
- We see divergence with ETH.
- The LTF H4 shows a Break of Structure, momentum move to the upside.
- We've already had a retracement down after, and it validated the gap in price (blue zone), reacting off it, hinting that it will hold.
- Now I'm waiting for the next best price to enter.
Again, NFP volatility can create bigger than usual spikes, so keeping that in mind.
If NFP takes it higher without coming to a better price, so be it - the train will leave without me. Will wait for further PA.
Price will be giving the validation to enter.
A) BTC is showing signs of Weakness (so we are counter trend trading)
B) This idea is based on NFP news timing
I may wait until Monday to get clarity (unless you also trade on the weekend)
Overall Idea for this is:
- W1/M candles have big rejection wicks to the downside, retesting the previous Week's wick, hinting at some Buyside potential
- We see divergence with ETH.
- The LTF H4 shows a Break of Structure, momentum move to the upside.
- We've already had a retracement down after, and it validated the gap in price (blue zone), reacting off it, hinting that it will hold.
- Now I'm waiting for the next best price to enter.
Again, NFP volatility can create bigger than usual spikes, so keeping that in mind.
If NFP takes it higher without coming to a better price, so be it - the train will leave without me. Will wait for further PA.
Price will be giving the validation to enter.
Order cancelled
No reversal pattern was formed, no momentum bullish candles, so no entry for me.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.