BTC 1 Hour TF Movement Analysis ( BTCUSD / BTCUSDT )
Updated
As we can see in the illustration, there are some well defined levels in this range.
This new range has been defined after a bearish trend, so longing this is a harder play (I'm not bullish currently), so bearish trades will prove more profitable.
Previously, BTC fell past the underlying support but did not make it to the 17400 OB but instead bounced off of 17570 support and retraced back to uptrend that remains from the prominent <20K range.
Trade opportunities: Watch for retests on upside. If there is a break with volume confirmation, SL will be hit. Provided entry is at the top too.
I believe the bottom-side order-block is looking for some bearish wicks, as on a bearish trend one downside wick is very rare. In case this happens, watch upside as said earlier.
TP is downside in steps (work out for yourself)
Main lines are plotted.
This new range has been defined after a bearish trend, so longing this is a harder play (I'm not bullish currently), so bearish trades will prove more profitable.
Previously, BTC fell past the underlying support but did not make it to the 17400 OB but instead bounced off of 17570 support and retraced back to uptrend that remains from the prominent <20K range.
Trade opportunities: Watch for retests on upside. If there is a break with volume confirmation, SL will be hit. Provided entry is at the top too.
I believe the bottom-side order-block is looking for some bearish wicks, as on a bearish trend one downside wick is very rare. In case this happens, watch upside as said earlier.
TP is downside in steps (work out for yourself)
Main lines are plotted.
Comment
NoComment
YesComment
Correction: "remains from the prominent <20K range."Should be: "remains from the previous range"
Comment
NoTrade closed manually
Broke topside. Areas played well.Comment
I think upside for weekendComment
Will note this playoff.Disclaimer
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