Short

BITCOIN - Crossroads After Breakout - Bounce or Breakdown?

Updated

Bitcoin's recent surge above $46,000 has traders buzzing. But is it the start of a new leg higher, or just a head fake before another dip?

Bullish Outlook:

- Breakout confirmation: BTC's clean break above 46K resistance suggests renewed bullish momentum.
- Technical tailwinds: MACD crossing bullish, RSI still in healthy range.
- Long entry: Look for a pullback near 45k as a potential dip-buying opportunity. Target 48K and beyond.

Bearish Whispers:

- Overbought territory?: RSI approaching 70, indicating potential for a correction.
- Global risk sentiment: Weakening risk appetite could drag Bitcoin down.
- Short setup?: Watch for a rejection around 47k to enter a short trade, targeting 44k or lower.

Uncertain Path:

- Macro factors: Keep an eye on US Fed policy and global economic developments for potential catalysts.
- Volume confirmation: Strong volume on breakouts is needed for bullish confirmation.

Bonus:

- Bitcoin's upcoming halving event in 2024 could be a long-term bullish catalyst.

Disclaimer: This is not financial advice. Please do your own research and analysis before making any trading decisions.

Note

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Note

Still Ranging, price is very close to our trigger, respecting the mid trend line.

SHORT Partials at BE, need volume and buying pressure to enter long.

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Note

LONG Triggered.

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Trade closed: target reached

As per yesterday's Mind , our Partial SHORT hit the Break even Level. The LONG was triggered and we were able to take a RR 5.63

I see a retest to add in more but also see a structure break on LTF, I will watch further.

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Note

Bulls Grab Control, Lower Timeframe Shorts Linger. Here's a clearer breakdown of your market observations:

Higher Timeframe:

- Bullish Momentum: The 4-hour bearish range break with a successful retest signals a shift in dominance towards the bulls.

- Price Above 50% Level: Reinforcing the bullish bias, price currently sits comfortably above the midpoint of the range.

- Support Search: Look for potential support levels within this bullish range for potential long entry points.

Lower Timeframe:

- Shorting Opportunity: The 15-minute timeframe still offers room for shorting within the recently broken bearish range.

Exercise Caution: Shorting against the larger bullish bias on the 4-hour timeframe introduces additional risk. Consider smaller position sizes and tight stop-losses.

Overall:

- The trend on the 4-hour timeframe favors a bullish approach, while the 15-minute timeframe presents a temporary shorting opportunity.

- Manage your risk accordingly by aligning your trade size and stop-loss orders with the timeframe you're focusing on.

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Trade active

Taking a little risk there > BUY Triggered.

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Note

Break even activated with trailing SL.

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Note

+230 P, We need a retest to confirm the break of the structure on the LTF

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Trade closed: target reached

+320 P, Taking partials 90%, trailing the rest.

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Trade active

Following with yesterday's trade. Damn that's a slaughter!

https: //s3.tradingview.com/snapshots/j/jE5j49Wr.png

Trade closed: target reached

Taking Partials at +1400 P and letting the rest trail.

https ://s3.tradingview.com/snapshots/4/4012sHNy.png

blamezak

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