Short

BTC breakout! Pull back before continuation?

Updated

BTC has broken out of a wedge, but the red line indicates the previous candle closed in overbought territory and could be due for a reversal.

We could see a pull back before price then continues north.

Note

I'll be looking to see price come deep into this Fair Value Gap before reversing. Areas of interest to look for a reversal back to the upside is on the 0.5-0.702 fib level. Zooming in to 5min to look for change in market structure

Note

Back into reversal area now

Note

There is the bounce at 0.5 on the Fib, which is half way in the FVG

Note

Was a good scalp

Note

Thanks for playing

Ryanboyd

Also on:

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.