BITCOIN - We Still See Lack Of Enough Buyers
Hello everyone, rouzwelt here
If you have seen my last post about BTC you can remember that I've been pointing out possible scenarios for BTC to continue its uprise or reject to low 30's again. You can clearly see in the screenshot of that post that price started to get rejected at 36.5k level and candles printed like the red arrow projection I've drawn in the chart.
But let's get back to the main chart now. BTC is now moving inside the yellow channel and towards the lower channel line, I believe this whole channel may be potential bear flag and as BTC is approaching to the lower side of the channel, there is great chance for it to break it down and move to lower levels which then it will complete its bear-flag formation, the possible levels I think may be around 24K - 26K area. But if we see more demand coming in at the lower side of the channel and btc manages to hold that level as a support, then we might move to test the upper side of the channel once more.
Right now I'll be waiting for one of those scenarios to play out. if we break the channel, I'll be looking for short setups after the confirmation of course which can be a 4H full body close or a daily candle close below the channel. And if BTC holds the channel then I'll be looking for buy setup again with confirmation which can be break above the blue trend line with a 4H or daily candle close above it. Either way I'll be waiting for confirmation to enter the trade and for long trade setup I'll be much more cautious as the main macro trend is still bearish.
Both these trade setups are scalping as we are still in 30/4k range, but we may increase the short position size as it breaks this range when approaching the 29/30k area.
Have fun and trade safe.
If you have seen my last post about BTC you can remember that I've been pointing out possible scenarios for BTC to continue its uprise or reject to low 30's again. You can clearly see in the screenshot of that post that price started to get rejected at 36.5k level and candles printed like the red arrow projection I've drawn in the chart.
But let's get back to the main chart now. BTC is now moving inside the yellow channel and towards the lower channel line, I believe this whole channel may be potential bear flag and as BTC is approaching to the lower side of the channel, there is great chance for it to break it down and move to lower levels which then it will complete its bear-flag formation, the possible levels I think may be around 24K - 26K area. But if we see more demand coming in at the lower side of the channel and btc manages to hold that level as a support, then we might move to test the upper side of the channel once more.
Right now I'll be waiting for one of those scenarios to play out. if we break the channel, I'll be looking for short setups after the confirmation of course which can be a 4H full body close or a daily candle close below the channel. And if BTC holds the channel then I'll be looking for buy setup again with confirmation which can be break above the blue trend line with a 4H or daily candle close above it. Either way I'll be waiting for confirmation to enter the trade and for long trade setup I'll be much more cautious as the main macro trend is still bearish.
Both these trade setups are scalping as we are still in 30/4k range, but we may increase the short position size as it breaks this range when approaching the 29/30k area.
Have fun and trade safe.
Related publications
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.