Expect a revisit of the 7.5K area
Updated
Very happy to see BTC bounce around briefly between the S/R lines around 7.7k - 8K and take a decisive step out to the 8.1k line
I'd expect a bit of chop between 8-8.1 today but by the end of day I'm looking for a step to the 8.6k range and have my long set up for that and an exit just before that line.
I'm not going to get caught again in the chop so have plenty margin and have the stops set below 2 support lines, if it drops past those two then I'm happy to sit it out.
But...
I do expect to see prices back in the green rectangle again before we're in the clear
That's not a bearish call but there are 2 clear S/R lines there which BTC just pounded through yesterday
when you see several clear supports just obliterated in one go there is often a retest a while later
so I'll be looking out for a local reversal back to 7.2-7.5 within a month but given the sentiment lately it looks good for a bounce from there.
lets see how this ages eh?
I'd expect a bit of chop between 8-8.1 today but by the end of day I'm looking for a step to the 8.6k range and have my long set up for that and an exit just before that line.
I'm not going to get caught again in the chop so have plenty margin and have the stops set below 2 support lines, if it drops past those two then I'm happy to sit it out.
But...
I do expect to see prices back in the green rectangle again before we're in the clear
That's not a bearish call but there are 2 clear S/R lines there which BTC just pounded through yesterday
when you see several clear supports just obliterated in one go there is often a retest a while later
so I'll be looking out for a local reversal back to 7.2-7.5 within a month but given the sentiment lately it looks good for a bounce from there.
lets see how this ages eh?
Note
The trend to a bloodbath monday morning seems to be carrying on,and seeing no strong movement up over the weekend I brought the profit-take down to 8.4k and the stops up to 8.1 for sunday night and luckily hit the top before getting stopped out.Looking like we might see the 7.2-7.5k range pretty soon and as long as 7.2 holds we're doing well for a continuation of the bullish momentum lately.
Anyone who has been around trading for a while tells you to plan your moves in advance rather than react and now is the time to start planning, rather than reacting so you know what you'll be doing when the price moves out of this key range with lots of previous S/R lines
My plan runs like this, make your own plans
If we bounce up over 8.4 with volume and momentum I'll be long from there (setting limit orders around 8.3 to catch a retrace)
If we crawl up to 8.4 I'm sitting it out until i see what happens at 8.6k
if we fall out the bottom below 7.6 I'll be watching closely and setting longs around 7.3 - with stops not far below the green box. I've no interest in holding it for a possible fall back in to 6.X territory
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