BTC/USDT : Top of trading range
BTCUSDTHello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
BTC is moving into a trading currently, And we experienced multiple rejections from the top the trading range.Now let's have a different perspective; What if all of those rejections from $45500 was a deviation above $43600 ?
It can be a thing to work with. We had multiple rejections from $43600 with lower highs above it as deviation from the last higher high.
If we take a look on the Jan 13th's high at $44500 and Feb 7th's high at $44500.5, You can see that after the engulf above $44500 we had new high on the deviation above $43600.
Now we have the same key level above $43600 and
BTC's moving below it.📌 There are two types scenario to work with :
- Rejection from the key level
- Engulf above key level and makes new high above $45500
📚 We use the rejection's scenario to setup our SHORT position.
If we caught the SL; Then
BTC will move for the new high above $45500.In this case we'll get to sweep out our NPOC at $46500 and entering the bearish base above.
That's where the most of SHORTs are standing !
📑 So basically I'm willing to take SHORT on $43600 and set my SL at $45400.
If we caught on SL, Then I'll set order at $49500 with a SL above $52000 to cover my losses...
- Trading range's chart :
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Helical_Trades
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