Bitcoin - Two Scenarios - Range and Bear Trend Resumption (LL)
Updated
Bear Spike/Climax then bear trend contained in Channel. Lower Highs and Lower Lows.
If price breaks above the Bear Trendline, I am expecting it to transform into a Range.
11830 is having good context to become the range high as the Present Weekly High is at 11826, Previous Resistance and Measured Move Targets.
On Daily Chart, Bear Breakout is very recent and comparatively small, It is likely to aim for Double Top formation at 11830.
If price reverses from Bear Trendline then bears will be trying for Lower Low. Strong Bear Breakout is likely to initiate the Failure of any Bull Breakout above Bear Trendline. I think breaking below 11382 will start to make things clear for the Bear Trend.
Explaining the overall scenario always helps in decision making and taking trades at the crucial level.
If price breaks above the Bear Trendline, I am expecting it to transform into a Range.
11830 is having good context to become the range high as the Present Weekly High is at 11826, Previous Resistance and Measured Move Targets.
On Daily Chart, Bear Breakout is very recent and comparatively small, It is likely to aim for Double Top formation at 11830.
If price reverses from Bear Trendline then bears will be trying for Lower Low. Strong Bear Breakout is likely to initiate the Failure of any Bull Breakout above Bear Trendline. I think breaking below 11382 will start to make things clear for the Bear Trend.
Explaining the overall scenario always helps in decision making and taking trades at the crucial level.
Note
Market gave us the breakout and now testing breakout point. I have marked the Retest Zone (around 11580). This Zone is supported by 50% Pullback and Breakout Point.Bull Candle Closing on 4H with good body or a wick below will clear the things for a Buy Set-up.
Targets are 11830 at least.
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