BTCUSD: Potential Continuation Setup
Updated
The correctional formation target that was mentioned in the related idea has been met; the highlighted area is now acting as support. It looks like higher timeframes failed to close below this key area; nonetheless, this pair might probe that area as a failure test. In such an event, it is expected that the lower timeframes will turn by printing spring bars. So far, bears are having problems following through and adding on to short risk exposure seems justified. The risk profile is not that bad.., if structure remains intact, this limit buy area can potentially deliver a 20% return, coupled with the selected risk profile, it would mean delivering around 6R return.
Note
The move higher delivered almost a 6R return.
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