BTCUSDT Bitcoin has printed into a Head & Shoulders also evident on 4h.
Watch for Fakeout at 30k level for a fakeout and then breakout to upside.
Failing that 28.8k level could retest and provide short term short.
Bitcoin is still Bullish, but watch for major bearish retests to continue to ride to lower levels of support.
But at these levels there are many buyers lurking around so wait for entry trigger confirmations.
Always having Plan A and Plan B scenarios so we can react once the markets provide an opportunity to execute our edge.
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Note
-3.91% move to downside of the above Head and Shoulders on 1h timeframe.Quick short term move. Watch for bounce at support, RSI also oversold.
For more downside watch for Bearish Retest of neckline / structure near neckline.
BTC 4h also in oversold territory. Could play bounce for breakout of 31k level but watch for Bearish Retest idea mentioned above.
Note
-5.82% since posting 1h Head & Shoulders.Price Action at possible support that needs to hold to avoid further downside.
Watch for bottoming out pattern and in the possibility of a bounce watch that a lower high is not printed to confirm downside. For aggressive entries you can scalp and for new traders wait for confirmed moves via structure break on same or lower time time.
1h and 4h sitting in oversold zones - wait for buying pressure in case you're planning to ride the possible LH/Breakout.
Note
-10.42% since posting 1h Head& Shoulders.Bitcoin going sideways. Ideas of oversold territory but Bitcoin needs to should a definitive direction. You need to know when to stay out of the market.
Possible support at 27.2k level and 25.2k level.
Any break and retest of these levels and shorts are favoured over longs. But watch out for fake outs.
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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.
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.