BTC
1hr chart
Short term local bullish Trend Broke. I have a longer term trend line below and the Bullish OB below (green) Looking to see what happens when price action reaches this next support area, or if it breaks through this short term bearish resistance (blue).
This area is a good low risk Short opportunity for me, though the bounce off the resistance would have been better.
Long term trend is till bullish, this is a new short term bearish trend. I keep tight SLs above resistance in this situation, and/or use high lvg with a small margin position - scalping
I am still a majority long (in profit) from lower and not closing yet.
A good trend rule is: Any movement will likely retrace 33% of the total move in a strong bullish trend, 50% of total movement in any trend or 66% of movement (a retrace lower than this is a strong trend reversal signal). This is what people are measure when they use the Fib retrace tool btw.
A 50% retrace on the recent move from $6800-$9900 would put us back at $8350. I am still comfortable remaining overall bullish to that point, but if 9k fails to hold - I would look for some more short scalping opportunities. A 33% retrace would have price action hold above $8877 which is near the bottom of my Bullish OB.
1hr chart
Short term local bullish Trend Broke. I have a longer term trend line below and the Bullish OB below (green) Looking to see what happens when price action reaches this next support area, or if it breaks through this short term bearish resistance (blue).
This area is a good low risk Short opportunity for me, though the bounce off the resistance would have been better.
Long term trend is till bullish, this is a new short term bearish trend. I keep tight SLs above resistance in this situation, and/or use high lvg with a small margin position - scalping
I am still a majority long (in profit) from lower and not closing yet.
A good trend rule is: Any movement will likely retrace 33% of the total move in a strong bullish trend, 50% of total movement in any trend or 66% of movement (a retrace lower than this is a strong trend reversal signal). This is what people are measure when they use the Fib retrace tool btw.
A 50% retrace on the recent move from $6800-$9900 would put us back at $8350. I am still comfortable remaining overall bullish to that point, but if 9k fails to hold - I would look for some more short scalping opportunities. A 33% retrace would have price action hold above $8877 which is near the bottom of my Bullish OB.
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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.