I've changed my mind. I don't think we are ready to fall to sub-30k levels yet or even 33k for that matter.
The bulls couldn't break through 38.5k and create a higher high, but it certainly wasn't for a lack of trying. I mean look at that volume and the steepness of that trajectory on the last upward impulse. There is no reason they can't regroup a bit lower after failing the first time and go at it again.
There is already ltf evidence that the bulls are carving out a bottom or trying to. I am getting ready to pull out of my short trade depending on how this 4-hr candle closes. If it looks like I can let this trade run a bit longer I will do so, however this is no longer the sweet entry on what I wanted to be a longer-term swing trade, but now is merely just a scalp. I've made good profits today and I don't want to lose them all back if the bulls start to pick up speed again. Trade safe out there guys.
The bulls couldn't break through 38.5k and create a higher high, but it certainly wasn't for a lack of trying. I mean look at that volume and the steepness of that trajectory on the last upward impulse. There is no reason they can't regroup a bit lower after failing the first time and go at it again.
There is already ltf evidence that the bulls are carving out a bottom or trying to. I am getting ready to pull out of my short trade depending on how this 4-hr candle closes. If it looks like I can let this trade run a bit longer I will do so, however this is no longer the sweet entry on what I wanted to be a longer-term swing trade, but now is merely just a scalp. I've made good profits today and I don't want to lose them all back if the bulls start to pick up speed again. Trade safe out there guys.
Note
Whew! The 4-hour closed decently enough to denote more downside to come. I will hold my short a bit longer and watch the profits grow. But I am extra wary now that price will make another hard reversal at some point. Will redraw the abc impulse once we get a proper b pivot point.Trade closed manually
I've decided to close my trade after all. I'm not a fan of the low time-frame action developing and I need to get some sleep. This was an amazingly profitable short trade with high leverage from 37.3k and there's no need to get greedy. Tomorrow is a new day and we can always find a new trade :)
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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.