BTC Correction or New ATHs?
Updated
BTC has broke the trendline support as well as broke the current structure on lower timeframes. This could be the start of a correction to the bottom of the channel.
But considering BTC is bullish on higher timeframes, this could just be a fakeout & consolidation that pushes to new ATHs. Similar to the last push up last week.
As of right now, I am slightly bearish on lower timeframes but waiting for more confirmation before entering any trades. I will look for shorts upon a clear break of the next support around 18275 and then look for longs around 16.5k.
If we get a strong impulse to the upside, I will only look for longs.
But considering BTC is bullish on higher timeframes, this could just be a fakeout & consolidation that pushes to new ATHs. Similar to the last push up last week.
As of right now, I am slightly bearish on lower timeframes but waiting for more confirmation before entering any trades. I will look for shorts upon a clear break of the next support around 18275 and then look for longs around 16.5k.
If we get a strong impulse to the upside, I will only look for longs.
Note
We are almost seeing a Sanyaku Gyakuten on the 1H. Tenkansen already crossed Kijun sen and Chiko span broke below the candles.
In addition we got the break below 18275 on 1H. It is currently retracing but I am already looking for confirmation signals for a Short entry. My targets will be T1 at 17650, T2 at 16850 & T3 at 16500, assuming I get an entry.
Note
Yesterday TP1 hit and the price retraced to break-even. I thought this was going to reverse but then I saw similar price action as yesterday so I reentered at the same level.
A trendline has formed and was respected with the last push up.
After the last impulse down below the current structure, I am expecting a correction and then further impulse to the downside.
Although I am a little less confident than yesterday I am sticking to my rules.
Assuming we get the next impulse, I will play it safe and move my SL to break-even again.
Lets see how this plays out.
Trade closed: stop reached
As I feared originally, BTC decided to make a U-turn and break above the structure and stop me out.
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