BTCUSD STEP BACK, RELAX
Updated
This is what markets do, spin around and jump on you. I'm watching this bigger picture because its easier on my mental health.
1) Whenever Btc (markets) break down heavily like this through all feasible resistance, there is a quick bounce retrace because of how quick it dropped then it will continue down to the next major support.
AKA this is a short-term trend, not just a quick draw down.
2) For that major support I'm eyeing the major 1D turnaround zone @ 6.8k coinciding with a long term log trend line that I traded last time very successfully (see attached chart)
3) Order block trading is the easiest most reliable way to look at the macro structure of charts as there are rarely exact S/R prices, rather scattered areas of Take Profits/Stops/Limit Orders, displayed here with the red (resistance/supply) and green (support/demand) zones.
4) Overall: evidently we are in a symmetrical triangle (coil) so that is why I don't expect any major turnarounds right now, rather a general selloff to the bottom, and buying back to the top through June.
(arrows)
Remember to zoom out, this isn't a day to day market, there are macro trends that you can eye and will allow you to remove yourself from all the BS and hopefully live a happier, lest stressed/reliant-on-market-performance life.
Best of luck, its just a game, enjoy playing!
Godspeed ever fourth,
4F
1) Whenever Btc (markets) break down heavily like this through all feasible resistance, there is a quick bounce retrace because of how quick it dropped then it will continue down to the next major support.
AKA this is a short-term trend, not just a quick draw down.
2) For that major support I'm eyeing the major 1D turnaround zone @ 6.8k coinciding with a long term log trend line that I traded last time very successfully (see attached chart)
3) Order block trading is the easiest most reliable way to look at the macro structure of charts as there are rarely exact S/R prices, rather scattered areas of Take Profits/Stops/Limit Orders, displayed here with the red (resistance/supply) and green (support/demand) zones.
4) Overall: evidently we are in a symmetrical triangle (coil) so that is why I don't expect any major turnarounds right now, rather a general selloff to the bottom, and buying back to the top through June.
(arrows)
Remember to zoom out, this isn't a day to day market, there are macro trends that you can eye and will allow you to remove yourself from all the BS and hopefully live a happier, lest stressed/reliant-on-market-performance life.
Best of luck, its just a game, enjoy playing!
Godspeed ever fourth,
4F
Note
Classic symmetrical triangle continuation - looks like we're heading straight to the $6800 demand zone no bounce, acting accordingly or hold your peace ever fourth.Note
We got the anticipated dump -> bounce - not nearly as deep as I had anticipated.I expect a move to the top of the current order block (7600) and then a retrace to the bottom of the block (7300) which may very well be the last buy opportunity before the run up to 8900.
For your daily dose of conspiracy theory see my recent tweet on the consistency/predictability of the current btcusd market cycles: twitter.com/FourthCrypto/status/1001805497778016256
Note
We'll probably get a small bounce here but I'm on the sidelines until we get the predicted pullback to 7k to shake out the weak hands and instill some disbelief to rocket upMy correct projection:
twitter.com/FourthCrypto/status/1004782163290664961
Trade closed: stop reached
This idea is officially bust, no bounce back to the top of the symmetrical triangle - direction has been decided - down we gooo!
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