BTC Intraday Outlook
Confluence of Short:
1. Supply zone met at 11750; rejected
2. RSI bearish divergence (price HH, RSI LH) on 1H and 12H
3. Spinning top candle signifies reversal
4. Extended beyond 100% FIB retracement without meeting supply of a higher level.
5. Over-extended price should correct to liquidity/demand bloc
What the Future Holds:
1. ABC correction is common after a 5 wave impulse, which we just completed
2. ABC corrections at most tend to retrace to 0.618
3. Liquidity exists at 0.786
4. Demand bloc at 10980 (0.786) established by July 26-29 consolidation. Numerous wicks and candles reversed at this level
Trade Setup:
Entry --> 11630
Stop Loss --> 11800 (just beyond resistance)
Target 1 --> 10980 (0.786)
Target 2 --> 10600 (0.618)
1. Supply zone met at 11750; rejected
2. RSI bearish divergence (price HH, RSI LH) on 1H and 12H
3. Spinning top candle signifies reversal
4. Extended beyond 100% FIB retracement without meeting supply of a higher level.
5. Over-extended price should correct to liquidity/demand bloc
What the Future Holds:
1. ABC correction is common after a 5 wave impulse, which we just completed
2. ABC corrections at most tend to retrace to 0.618
3. Liquidity exists at 0.786
4. Demand bloc at 10980 (0.786) established by July 26-29 consolidation. Numerous wicks and candles reversed at this level
Trade Setup:
Entry --> 11630
Stop Loss --> 11800 (just beyond resistance)
Target 1 --> 10980 (0.786)
Target 2 --> 10600 (0.618)
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