Patience is LONG
So in this image, I hope that you can see the obvious. We have a wide range that we could potentially be trading from top to bottom until one side breaks. My idea right now is that we still haven't taken out the range low, which would also take out some of the liquidity wicks. I've also added the downtrending range to keep in mind and backup my thoughts that this could just be a correction for a bigger jump to the upside.
That's where I would look for:
This is assuming we come back down here, of course. If we don't, then we look for the top of the range for vice versa option or a continuation of this incredible bullish trend where we find support at the highs and continue on.
Always keep in mind that we may not get the SFP and the close back above the lows, this could take patience if we start to see a back test of them laws, and a loss of that level.
Losing
BTCUSDT.P $36,000 ish would look more bearish and we might even end up closing the CME gap below.
Just sharing some thoughts, so you are aware of the range that we're in. Sometimes I miss these things and they could be really great opportunities for both long and shorts until one side breaks.
This is not financial advice.
That's where I would look for:
- A loss of that level
- A reclaim (possibly a swing failure pattern, ie, wick below and close above the lows)
- A change of market structure
- A long trade entry
This is assuming we come back down here, of course. If we don't, then we look for the top of the range for vice versa option or a continuation of this incredible bullish trend where we find support at the highs and continue on.
Always keep in mind that we may not get the SFP and the close back above the lows, this could take patience if we start to see a back test of them laws, and a loss of that level.
Losing
BTCUSDT.P $36,000 ish would look more bearish and we might even end up closing the CME gap below.Just sharing some thoughts, so you are aware of the range that we're in. Sometimes I miss these things and they could be really great opportunities for both long and shorts until one side breaks.
This is not financial advice.
Note
Okay, well, we smashed the top of the descending channel and now were back through the Order block.
There was a daily level wicked through, backtested and we shorted again. Let's see how this support holds up but I still won't be longing until/IF we take them lows.
Note
Just realised I typo'd $36000 - You know what I mean - $86000. Apologies!
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