$BTC—Looking out for an opportunity to add to my long position
Updated
Some thoughts below, however also find annotations directly on the chart.
The short squeeze previously did not allow an opportunity for a retest of the prior breakout, the concept of squaring up can give traders the opportunity for an entry opportunity at this level. Of course there is much more confluence I am considering for this level. The current continuation pattern has left a target that lines up directly with a retest of the prior bullish OB. Not only that, but we find a daily horizontal S/R level as well as the log diagonal support.
This target is further appropriate, as it lies within the weekly bullish OB I have mentioned in the past. I believe this will ultimately be the best area0 to accumulate a long position in the greater macro trend.
The short squeeze previously did not allow an opportunity for a retest of the prior breakout, the concept of squaring up can give traders the opportunity for an entry opportunity at this level. Of course there is much more confluence I am considering for this level. The current continuation pattern has left a target that lines up directly with a retest of the prior bullish OB. Not only that, but we find a daily horizontal S/R level as well as the log diagonal support.
This target is further appropriate, as it lies within the weekly bullish OB I have mentioned in the past. I believe this will ultimately be the best area0 to accumulate a long position in the greater macro trend.
Note
BTC daily closed below a weekly S/R.
Note
Weekly S/R is the white line at 7366.7Note
BTC 4 hour retested the breakout, creating bearish hidden div on the CMF. All candle closes have remained below the weekly S/R level so I remain bearish. This weekly S/R level is the white dashed line.
Hourly chart showing price holding below both the Slow MAs and the weekly resistance. Multiple rejections by both.
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.