Short

BTC Bears Back In Town - For Now

Updated

Confluence in market structure, trend line break, and MACD divergence confirm a pull back into the 38.2 retracement areas. I'm targeting a potential pullback to the 38.2 area where volume profile shows a gap. Depending on market state at 38.2 I will re-evaluate target.

Trade closed: stop reached

Trade stopped out.

In hindsight I should have looked to a lower time frame for a better target. The MACD div on the hourly wasn't powerful enough to propel this to a full 38.2 retracement. Upon closer inspection on the 30 minute time frame I can see a 78.6 RLZ tag that should have been used instead. Obeying time frame and size of MACD divs is important. Moreover, London Kill Zone occured during the reversal so this pullback was more of a liquidity grab.

pathogen

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