BTC is uder resistance of 19500, and is forming a nice broadening descendiing wedge that usually break up more than down, so i will try to play the
wedge only if we get another pull down to ML around 18500-18600, at this level after a rejection i would buy a small position with tight stop around 18400 and see if the wedge will play out back at 19300-19500, probably it is not the best trade to engage , but at this point BTC is moving in this area for a while and could continue to do so until break down to 17000 or up to 23000, so i would try to play this ping-pong between 18500 and 20500; RSI from15M to 1H is in oversold area so technically we could see a bounce up instead a pullback, but enter here for me does not make any sense i preferred to buy a double buttom type of trade than to enter here near resistance, i never enter under resistance so i wait, if BTC just goes streigth up from here i will just wait next opportunity; will monitor the reaction first at DO if it get there around 19130 and breaks down the trade could really get validated after a bounce at lower level ; i do not really like to buy but i do not see other trade opportunity here at the moment, willsee whats happened at NY open as well
wedge only if we get another pull down to ML around 18500-18600, at this level after a rejection i would buy a small position with tight stop around 18400 and see if the wedge will play out back at 19300-19500, probably it is not the best trade to engage , but at this point BTC is moving in this area for a while and could continue to do so until break down to 17000 or up to 23000, so i would try to play this ping-pong between 18500 and 20500; RSI from15M to 1H is in oversold area so technically we could see a bounce up instead a pullback, but enter here for me does not make any sense i preferred to buy a double buttom type of trade than to enter here near resistance, i never enter under resistance so i wait, if BTC just goes streigth up from here i will just wait next opportunity; will monitor the reaction first at DO if it get there around 19130 and breaks down the trade could really get validated after a bounce at lower level ; i do not really like to buy but i do not see other trade opportunity here at the moment, willsee whats happened at NY open as well
Note
BTC at DO lets see if it is able to maintain the level or if will be rejected down
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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.