Lets wait for Price Action confirmation here
We see the sell off and the correction to 9500 where we have 382 of FIBO entrancement as support. The price looks for reversal testing 10400 and revisiting the DTL that has been broken. This is a classic Sperandeo's set up by dividing my money into 3 parts if BTC -4.08% choose to go bullish from here.
1) when the DTL is broken
2) a revisit to the low or DTL, provided theres no new lower low (9500 level)
3) Price break out above previous high which is 10508 on Bitfinex, (in case this hope fully minor selloff) (we have to keep watching the volumes here that theres no major sell off).
So in short if 9500 hold and we have a break over 10508 we can see it going up again.
If we see 9500 breaking down we can see support again at 8950/8200
Trade active
tradingview.com/chart/g6ng7XZM/this is in case it choose to break down from 9500, I am bull but i will leave my position and stand aside until correction is over if it choose close below 9500
Trade active
watch for buy or sell pressure hereNote
would like to see buy pressure pushing the price above 9800Trade active
Note
an idea of if choose to break down of yesterday low of 9500, we can anticipate completing head and shoulder pattern to 7200 area which is 786 of current swing. No trades should be taken yet, we watch for breakout
10500 means we have chance of moving up to 13000
or break down 9500 we sees a chance of going down to 7200
Order cancelled
if you are going long you should half your position and look for better entry at the supports
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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.