Bitcoin - Time for a Higher Low
Bitcoin has given us a a 40% rally from the lows in this most recent correction.
Market structure has shifted bullish by giving us a higher high. We have not yet been given confirmation with a higher low.
It has formed a daily SFP (Swing Failure Pattern) by wicking above previous structure and closing below as a bearish hammer.
This is a perfect opportunity to fill some structure below and give us a higher low.
Targets I am looking for a bullish pullback to are as follows:
This idea is invalid if we begin to close the daily above $44,500 - we likely continue higher if so.
In times like this it helps to zoom out -
BTC is in a macro correction that cannot be properly traded on a 15 min chart. Long term swings need long term charts. I am still macro bullish on this asset class - but a 40% rally needs to fill some inefficiencies before it can move higher.
- Will, OptionsSwing Analyst
Market structure has shifted bullish by giving us a higher high. We have not yet been given confirmation with a higher low.
It has formed a daily SFP (Swing Failure Pattern) by wicking above previous structure and closing below as a bearish hammer.
This is a perfect opportunity to fill some structure below and give us a higher low.
Targets I am looking for a bullish pullback to are as follows:
- Light pullback @ 40-42k
- Deeper pullback at 38-39k
This idea is invalid if we begin to close the daily above $44,500 - we likely continue higher if so.
In times like this it helps to zoom out -
BTC is in a macro correction that cannot be properly traded on a 15 min chart. Long term swings need long term charts. I am still macro bullish on this asset class - but a 40% rally needs to fill some inefficiencies before it can move higher.- Will, OptionsSwing Analyst
Education first, profits second.
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.