Hello guys!
This chart shows a QML (Quasimodo Level) setup in play on Bitcoin. After price created a new high and engulfed the previous structure, it returned to the QML zone (around $119K–$121K) and reacted exactly as expected: strong rejection.
The sharp selloff from the QML area confirms a bearish shift in structure, and now the momentum is tilted to the downside.
The next key level to watch is the 113,600 demand zone, where the price may either bounce or consolidate.
As long as the price stays below the QML zone, bears have control.
You should consider that the main trend is bullish, and the stop loss may be hit, so please manage your risk!
This chart shows a QML (Quasimodo Level) setup in play on Bitcoin. After price created a new high and engulfed the previous structure, it returned to the QML zone (around $119K–$121K) and reacted exactly as expected: strong rejection.
The sharp selloff from the QML area confirms a bearish shift in structure, and now the momentum is tilted to the downside.
The next key level to watch is the 113,600 demand zone, where the price may either bounce or consolidate.
As long as the price stays below the QML zone, bears have control.
You should consider that the main trend is bullish, and the stop loss may be hit, so please manage your risk!
Trade active
Note
The short position is activated from the QML. the first target is $116k and the next one is $113.5k
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.