BTC - H1 - CORRECTION UNDERWAY...short term strategy
Updated
H1 : Recent rally looks to be over ! Indeed, after having filled the 61.8% Fibonacci retracement, BTC is now showing
a potential double top in progress. In addition, indicators are turning down and a first confirmation will be given
by a breakout of the Tenkan-Sen (currently @ 37753, ahead of MBB@ 36963 and finally Kijun-Sen @ 36407 !
A failure to hold above the trading range above mentioned would trigger further dowside, targeting first 35514, 34500 and 33487.
The latter level being also, currently, the bottom of the clouds support.
Strategy : sell from current level (38288 and towards former high 38790)
TP @ 34'500
SL @ 39'484
RR : 1:3
a potential double top in progress. In addition, indicators are turning down and a first confirmation will be given
by a breakout of the Tenkan-Sen (currently @ 37753, ahead of MBB@ 36963 and finally Kijun-Sen @ 36407 !
A failure to hold above the trading range above mentioned would trigger further dowside, targeting first 35514, 34500 and 33487.
The latter level being also, currently, the bottom of the clouds support.
Strategy : sell from current level (38288 and towards former high 38790)
TP @ 34'500
SL @ 39'484
RR : 1:3
Trade closed: stop reached
Upside clouds breakout triggered a sharp upside move which quicky reach the 40'000 area...
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