BTC SHORT if fail to break and HOLD $35,600 - $36,600.
June 7 swing from $31,000 to $41,000 a swift bullish reversal ( pin bar ) proves that there is buying activity around the 30K AREA.
This denotes that strong buying activity is still present at the lows. Though it is a confirmed bull trap after the price rallied this triggered a selling pressure which led BTC to a new low of $28,600.
Bullish Scenario: If the current candle breaks and holds $35,500 this will trigger new buying activity around this level that might lead to possible $39,000 retest.
Long : $32,900Stop : $30,600Take Profit: $35,000 - $39,000
Bearish Scenario: If the price fails to retest $35,500 and closes below the low of the previous candle the 28.5K low is likely to be cleared and a move to the 26K support is still within reason.
Short : $36,650Stop : 36.800Take Profit: $32,400 - $28,600
All the information needed to make actionable decisions is printed in the price chart. More often we are blinded by the same information as everyone else and have no clearly defined set of rules to filter price information with. Let us always wait for the market to show its direction.
This denotes that strong buying activity is still present at the lows. Though it is a confirmed bull trap after the price rallied this triggered a selling pressure which led BTC to a new low of $28,600.
Bullish Scenario: If the current candle breaks and holds $35,500 this will trigger new buying activity around this level that might lead to possible $39,000 retest.
Long : $32,900Stop : $30,600Take Profit: $35,000 - $39,000
Bearish Scenario: If the price fails to retest $35,500 and closes below the low of the previous candle the 28.5K low is likely to be cleared and a move to the 26K support is still within reason.
Short : $36,650Stop : 36.800Take Profit: $32,400 - $28,600
All the information needed to make actionable decisions is printed in the price chart. More often we are blinded by the same information as everyone else and have no clearly defined set of rules to filter price information with. Let us always wait for the market to show its direction.
Note
Short Trade still Open.Looking at $31,000 to $30,000 retest if we see a break there is a likelihood the we have a further downside beyond $28,6000
Moving trailing stop to $34,900
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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.
Related publications
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.