Bitcoin update
Since the recent rally which we capitalised on, BTC is now over extended and due a corrective wave, we can identify on the 4H how price has swept the highs with a large wick removing all the short stops and trapping late buyers into the market then closing back below the 4h supply with a bearish shooting star formation, i would not try to chase the long move here after such an over extension.
On the 1D TF we have a harmonic formation in which we expect price to complete the pattern at the neckline, we are monitoring the LTF for potential entry confirmations to short.
Since the recent rally which we capitalised on, BTC is now over extended and due a corrective wave, we can identify on the 4H how price has swept the highs with a large wick removing all the short stops and trapping late buyers into the market then closing back below the 4h supply with a bearish shooting star formation, i would not try to chase the long move here after such an over extension.
On the 1D TF we have a harmonic formation in which we expect price to complete the pattern at the neckline, we are monitoring the LTF for potential entry confirmations to short.
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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.