Bulls in control, but are they strong enough? Need retest
Updated
The Observation and Plan:
We broke out from 38k and had a 4hr close above. That's a good confirmation to look for longs as market showing it wants to go up. However did leave behind a decent size top wick rejection. Which indicates the present of sellers so the likelihood of the impulse continuing imo is low. Fomo buyers will likely get their stop swept.
Am waiting for a retest of 38k to see if more buyers will jump in and hold the line as support before considering to enter or if it fails and turns out to be a fakeout taking out more longs , wait for it to break back below 37600 low and retest to go short.
Entry
For entry need bullish engulfing/pinbar on 30 min-hr
and lower timeframe market structure confirmation, also fib confluence. 8,14 ema price cross over and other price action confluences vice versa for sells below 37600.
Stoploss
For long stop below 37850 preferably, below the potential new higher low
For short stop above 37700 above the potential new lower high
Target:
Long:$39700-$40,000
Short: $36900-$36000
Patience is key
We broke out from 38k and had a 4hr close above. That's a good confirmation to look for longs as market showing it wants to go up. However did leave behind a decent size top wick rejection. Which indicates the present of sellers so the likelihood of the impulse continuing imo is low. Fomo buyers will likely get their stop swept.
Am waiting for a retest of 38k to see if more buyers will jump in and hold the line as support before considering to enter or if it fails and turns out to be a fakeout taking out more longs , wait for it to break back below 37600 low and retest to go short.
Entry
For entry need bullish engulfing/pinbar on 30 min-hr
and lower timeframe market structure confirmation, also fib confluence. 8,14 ema price cross over and other price action confluences vice versa for sells below 37600.
Stoploss
For long stop below 37850 preferably, below the potential new higher low
For short stop above 37700 above the potential new lower high
Target:
Long:$39700-$40,000
Short: $36900-$36000
Patience is key
Trade active
Entered short
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