BTC Where is it heading to ? Price Action Structure is key
Hello everyone:
Many have asked me about my view and analysis on Bitcoin and in general where the crypto market may go.
Personally I think price is in a corrective phase and there is no need to rush to enter long or short.
Sure there is some lower time frame movement and price action, but not enough development for any bigger impulses in the market.
My plan is to always wait for higher time frame corrective phase is soon to be over before consider the entries on the lower time frames.
So, how to approach BTC ? Well lets take a look at the corrective phase the price is currently in right now.
2 possible scenarios after the correction completes would be:
Either we are going to see further downside from the price,
as price attempts to make one more move to the upside completing a continuation correction for the bearish move,
and price impulse down further.
OR
We are going to get a bullish impulse from the current structure itself,
breaking above the previous lows of the ascending channel correction,
and form bullish continuation correction after.
Patient is key when it comes to trading. No need to always jump in and choose a direction or a bias. Lets the price come to you.
Thank you :)
Jojo
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