BTCUSD Breakdown: Bearish Sentiment Dominates
BEARISH ALERT!
The market is going grizzly, folks! Both the 1hr and 5min charts are showing bearish trends, with lower highs and lower lows trapped in a descending channel. Anything broken above top trendline could change direction, but stay cautious of fake break outs, always look for a retest and a confirmation before executing a buy.
Here's the bear necessities:
- Bearish Sentiment: Both timeframes are bearish, making it a great time to consider short positions!
- Liquidity Zones: Keep an eye on liquidity zones around 104,700 and 102,200. These areas might attract institutional traders, making it an awesome setup for shorts!
- Order Blocks: Watch for order blocks and fair value gaps around supply and demand areas. These can significantly influence market movement!
Trade Setup:
- Entry Point: Short position when the price sweeps liquidity above 104,700 on the 1hr chart, followed by a bearish engulfing candle on the 5min chart.
- Stop Loss: Above recent swing high (~105,000)
- Take Profit:
- Take Profit 1: Previous low (~102,200)
- Take Profit 2: Next significant support (~100,000)
- Invalidation Criteria: Break above descending channel with strong bullish candles or sustain above 105,000 resistance level.
Remember, wait for confirmation and avoid impulsive entries. Stay aware, traders!
The market is going grizzly, folks! Both the 1hr and 5min charts are showing bearish trends, with lower highs and lower lows trapped in a descending channel. Anything broken above top trendline could change direction, but stay cautious of fake break outs, always look for a retest and a confirmation before executing a buy.
Here's the bear necessities:
- Bearish Sentiment: Both timeframes are bearish, making it a great time to consider short positions!
- Liquidity Zones: Keep an eye on liquidity zones around 104,700 and 102,200. These areas might attract institutional traders, making it an awesome setup for shorts!
- Order Blocks: Watch for order blocks and fair value gaps around supply and demand areas. These can significantly influence market movement!
Trade Setup:
- Entry Point: Short position when the price sweeps liquidity above 104,700 on the 1hr chart, followed by a bearish engulfing candle on the 5min chart.
- Stop Loss: Above recent swing high (~105,000)
- Take Profit:
- Take Profit 1: Previous low (~102,200)
- Take Profit 2: Next significant support (~100,000)
- Invalidation Criteria: Break above descending channel with strong bullish candles or sustain above 105,000 resistance level.
Remember, wait for confirmation and avoid impulsive entries. Stay aware, traders!
Trade closed manually
TOP TRENDLINE BREAKOUT. TRADE IDEA INVALIDATED. NOW BULLISH!
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