Based on the current price action on BTC we can expect the following scenario.
As you can see we have had a nice retest of the higher ranges which failed and gave us the necessary momentum to take the following short. Some profits may be taken at the current levels and we may be expecting a retest of the lower low (representing the overall 4H and HTF lows)
A clean break below the current structure low lying around the 19760's would give some room for shorting to the lower liquidity pools (19400's as a starter - 15800's as an intermediary level and finally the long awaited 12000's mark).
A clean break followed by a continuation above our stops would invalidate any short trades (20500's). Such a scenario would give rise to possible longs heading to 21800's and 22000's.
On the other hands any retest of the higher ranges may give opportunities for short traders to enter the current market.
All in all the current crypto market has regained a certain ''bullish'' mark up in the last weeks and most cryptos have managed to retest key levels. Despite the following and the possible ' hype and fomo' which may arise we are still in a bear market. As every trader should know every bounce in a bearish market should be taken with precaution (be aware of the dead cat bounces).
Stay safe and never risk more than 1-5% of your capital per trade.
The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
As you can see we have had a nice retest of the higher ranges which failed and gave us the necessary momentum to take the following short. Some profits may be taken at the current levels and we may be expecting a retest of the lower low (representing the overall 4H and HTF lows)
A clean break below the current structure low lying around the 19760's would give some room for shorting to the lower liquidity pools (19400's as a starter - 15800's as an intermediary level and finally the long awaited 12000's mark).
A clean break followed by a continuation above our stops would invalidate any short trades (20500's). Such a scenario would give rise to possible longs heading to 21800's and 22000's.
On the other hands any retest of the higher ranges may give opportunities for short traders to enter the current market.
All in all the current crypto market has regained a certain ''bullish'' mark up in the last weeks and most cryptos have managed to retest key levels. Despite the following and the possible ' hype and fomo' which may arise we are still in a bear market. As every trader should know every bounce in a bearish market should be taken with precaution (be aware of the dead cat bounces).
Stay safe and never risk more than 1-5% of your capital per trade.
The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
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.
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.