BTCUSD maybe heading for deeper correction
Updated
I was bullish on last idea for BTC, but we didn´t get the pullback to 30900 area and make inv h/s in hourly to load up for good upmove. Therefore I shorted as updated on my previous BTC idea and now I´m holding that short. This area has turned into a h/s pattern with bigger right shoulder in 15min tf. I´m not sure what to think about the right shoulder being bigger but I hold my short and wait for the lows to get tested, at least on 30900-31000 area.
I´m not sure how to read the behaviour on this level on 4h tf now, higher timeframes are really bullish still but 4h looks like no real buying pressure here. Maybe some hedging/ profit taking is going on this area and it opens up possibilities for daytraders to take price further down perhaps.
I think this is decent are to try to sell the possible bottom, but everyone evaluate by themselves before using their money. This is not financial advise to invest or trade, just an idea of possible price action.
I will monitor the PA if we get to 30900-31000 area and perhaps leave some runner for possible bigger down move. Possible target areas down in 4h tf are 28000-26000-24000 (ish) for me.
GL
I´m not sure how to read the behaviour on this level on 4h tf now, higher timeframes are really bullish still but 4h looks like no real buying pressure here. Maybe some hedging/ profit taking is going on this area and it opens up possibilities for daytraders to take price further down perhaps.
I think this is decent are to try to sell the possible bottom, but everyone evaluate by themselves before using their money. This is not financial advise to invest or trade, just an idea of possible price action.
I will monitor the PA if we get to 30900-31000 area and perhaps leave some runner for possible bigger down move. Possible target areas down in 4h tf are 28000-26000-24000 (ish) for me.
GL
Note
Approaching some horizontal support and trendline support so maybe time to take some profits on those levels. GL
s3.amazonaws.com/tradingview/snapshots/z/zI0E73Ru.png
Note
Added one short position at 32010, but we went a bit back up again to at least to touch the neckline around 32130-32140Trade closed: target reached
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.