BTC broke down structure
Updated
Ok so the market broke down structure, (that's never a good sign) however its trying really hard
to turn around but its still undecided yet, There are 2 outcomes and it will all depend on what BTC do at 62.8k (63k) If the price line fails to go above 62.8k and hold then that would mean a rejection of the uptrend and a change of character to the downside and a continuation of the Elliot wave 2 towards 3 on a descending channel.
On the bullish side which its what I am expecting going above 63k and holding prices will push BTC towards the 75-85k range
to turn around but its still undecided yet, There are 2 outcomes and it will all depend on what BTC do at 62.8k (63k) If the price line fails to go above 62.8k and hold then that would mean a rejection of the uptrend and a change of character to the downside and a continuation of the Elliot wave 2 towards 3 on a descending channel.
On the bullish side which its what I am expecting going above 63k and holding prices will push BTC towards the 75-85k range
Note
Market is rejecting really bad, take profits and wait to see if the next support of 58-60 holds, if it holds then ride the way to 63-64k again and if it holds then it goes to the awaited pump to the 70k again.Note
71k hit, excellent trade, right on the money.Now we have to wait for the market to go down and retest the 66-67k, if it doesn't hold then 63k most likely will hold, if they want the market to continue to pump, not holding above 63k it would mean no interest for the market to continue to pump and most likely distribution comes next.
I will now close this trade since its taking a more neutral approach.
Trade closed: target reached
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.