BTC: Future Ideas
My future ideas on what I'm planning. Scenario 1: If BTC pulls back to .386- .5 in a 3 wave formation, it is highly likely an ending diagonal/ wedge is in play. Also have to consider volume also has to decrease from the start of the wedge to end. So I would look for a short at the top of the wedge for a rejection and look for a low time frame structural change for a short position. If for reason, the ending diagonal doesn't play out, I would place a long just above the last high and play as a scalp play. If wanting a safer play, I can wait for rejection at the bottom of wedge for more safe trade but less profit.
2. If BTC go straight up and break the wedge resistance, it is more likely go to the next order block or to macro .386. From there, I can look for structural change for a short position. 3. My least favorite and highly unlikely scenario is: there is a rejection from current price and goes down as it is making ABC correction. This is a trade I would not entertain but rather wait till ABC corrects and wait for support for a long entry.
2. If BTC go straight up and break the wedge resistance, it is more likely go to the next order block or to macro .386. From there, I can look for structural change for a short position. 3. My least favorite and highly unlikely scenario is: there is a rejection from current price and goes down as it is making ABC correction. This is a trade I would not entertain but rather wait till ABC corrects and wait for support for a long entry.
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