Bitcoin Fakeout! or Down Trend Retest
GM, Today as we can see from the chart, we could have 2 path to focus on, the market is ambiguous and we can see how this could turn out for us in 2 ways which will be labelled as path A & path B.
So far for the past few days we can see that Bitcoin is currently on sideways touching both discount and premium zone, only to go lower and closing at 56.7k and reversing back discount zone.
For path A, BTCUSD is to close above the discount zone thus it'll go long until range high or Premium Zone before reversal. Thus going long until either range high or premium Zone will be the right trade for this path.
For path B, BTCUSD is to close lower than 56,693.88 confirming the retest and BOS together with the EMA signalling down trend. Thus going short will be the right trade for this path.
So far for the past few days we can see that Bitcoin is currently on sideways touching both discount and premium zone, only to go lower and closing at 56.7k and reversing back discount zone.
For path A, BTCUSD is to close above the discount zone thus it'll go long until range high or Premium Zone before reversal. Thus going long until either range high or premium Zone will be the right trade for this path.
For path B, BTCUSD is to close lower than 56,693.88 confirming the retest and BOS together with the EMA signalling down trend. Thus going short will be the right trade for this path.
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.