Dear Traders,
Whilst I believe that BTC is still generally bullish, I also think it is important for traders to always pay attention to what price is doing and not what we think price is going to do, and this is simply what we mean by price action in simple terms.
As we can see, the bullish momentum is generally slowing down and we have seen three attempts made by price to swing above the previous high of $112,000 that kept failing. We have also seen two Lower Lows (LLs) on the daily and a Lower High (LH) followed by a Double Top, which is currently seeing price pulling back and can be seen better in lower timeframes which may also be forming and giving us some bearish patterns. This is enough signal and warning for buyers to pay detailed attention to what is going on and look for high probability buy trade set up rather than emotional trading or placing random entries.
I think there are 2 possible good options for buyers, the first is a buy-stop set up above the previous high of $112,000 up to the next psychological levels at $115,000 and $120,000.
The next option would be to buy from the middle of the yet to be mitigated FVG below current price level but we must take cognizance of the order flow below it as price may also tap into it before going up.
Sellers may consider a sell stop to the FVG or wait for confirmation, which is a bodily close below the immediate unmitigated Bullish OB.
The summary of my idea is that, BTC may make another Lower High (LH) and Lower Low (LL) before the next Bullish Run but we just need to pay attention to what price is doing and not get carried away with our emotions.
I remain neutral for now
Whilst I believe that BTC is still generally bullish, I also think it is important for traders to always pay attention to what price is doing and not what we think price is going to do, and this is simply what we mean by price action in simple terms.
As we can see, the bullish momentum is generally slowing down and we have seen three attempts made by price to swing above the previous high of $112,000 that kept failing. We have also seen two Lower Lows (LLs) on the daily and a Lower High (LH) followed by a Double Top, which is currently seeing price pulling back and can be seen better in lower timeframes which may also be forming and giving us some bearish patterns. This is enough signal and warning for buyers to pay detailed attention to what is going on and look for high probability buy trade set up rather than emotional trading or placing random entries.
I think there are 2 possible good options for buyers, the first is a buy-stop set up above the previous high of $112,000 up to the next psychological levels at $115,000 and $120,000.
The next option would be to buy from the middle of the yet to be mitigated FVG below current price level but we must take cognizance of the order flow below it as price may also tap into it before going up.
Sellers may consider a sell stop to the FVG or wait for confirmation, which is a bodily close below the immediate unmitigated Bullish OB.
The summary of my idea is that, BTC may make another Lower High (LH) and Lower Low (LL) before the next Bullish Run but we just need to pay attention to what price is doing and not get carried away with our emotions.
I remain neutral for now
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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.
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.