BTC Short term correction Aug 16
Updated
BTC regained strength and went up 62% without any major corrections since the 20th of July and it just printed its 4th weekly green candle in a row, indicating a possible short term correction to be under way
On the 4H time frame we can see that it made higher lows after higher lows, so if BTC revisited the 45.3-45.1k area the streak would break, similar to what happened on the daily time frame through 2020 December to 2021 May
Of course this can change very quickly so a well placed stop loss at 48500 can stop losses early with some room to the upside (Maximum loss of 3% with slippage)
An alternate and safer way to enter would be to wait for the retest of the 45k area (if it happens), and then short after the small bounce back.
The best time to enter a short is when you don't want to enter because you're afraid it will go up more.
I will update this if anything interesting happens
On the 4H time frame we can see that it made higher lows after higher lows, so if BTC revisited the 45.3-45.1k area the streak would break, similar to what happened on the daily time frame through 2020 December to 2021 May
Of course this can change very quickly so a well placed stop loss at 48500 can stop losses early with some room to the upside (Maximum loss of 3% with slippage)
An alternate and safer way to enter would be to wait for the retest of the 45k area (if it happens), and then short after the small bounce back.
The best time to enter a short is when you don't want to enter because you're afraid it will go up more.
I will update this if anything interesting happens
Note
First trendline touch, expecting a bounce to 46.3 area before anything major
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