Short

BTCUSD / H4 / 78.6 Pullback Again?

Updated

If you remember our last idea about BTC, we saw a pullback towards 78.6% Fib retracement and went short for a handfull of pips. We have again really similar setup ongoing with price touching 78.6% and going down + supportive trendline break and we could see the price dropping further and even below recent lows around 9k ish.

At this moment it is important to watch $11.600 level, if we break it to the upside we could see one more test of $12.000, if the price can't break that level, we will see further downside.

Previous analysis :

Note

We saw a nice drop in BTC. Price is currently supported by 78.6% retracement of last bullish move at around $9.800, if we take down this level next support is $9.000-9.200

If price goes and manages to stay below $9.000 than we could see further drop down towards low 7k area, where also 161.8% extension target is located, but for now let's focus on 9.8k and 9k

Note

So after another pullback and creating 4th lower high, we are seeing some drop in BTC price.

As of now, this green Trendline is acting as a support. If we break it, we should see BTC flying down towards $9.050-9.300 demand zone, but at the moment I simply don't see that zone holding for too long. We could see bounce from low 9.000s to retest broken Trendline, but chances are small. In my opinion, there are bigger chances to see immediate drop into $8.400 area, which is next zone of demand.

Note

Daily breakout confirmed, and we hit $9360 zone with absolute precision. Now if we see daily candle close below $9360 we are indeed heading lower towards low 8k zone.

Note

We'll try to take the short position here, although reduced due to the high risk, but I will never miss this kind of RR for the trade.

TP1 : Around $9.300
TP2 : Around $8.200-8.400

SL : Slightly above $11.150

Note

Insane :D

Note

By the way, stops are in profit on BE.

Trade closed: target reached

We waited a long time for first target to get hit and then BOOM in the same day both targets nailed.

We are now waiting for further movement, staying clear for now.

CAPITAL_Trading

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