This was another one we covered in our group the other day, seeing a potential bullish pattern as price was being squeezed into supply, it was only a matter of time before the bears gave up and let it go.
2 options we had for this trade was lucky dip longs off trend and pay close attention for the break out...ORRR use buy stops and catch the break.
Either strategy would have worked as we suggest this move to be a fairly aggressive move to the next supply zone which we not only tapped but have eaten through it over the last day.
Profits taken around 9% x leverage but now we wait for a pause, ideally a retrace to the 50-618 giving us another opportunity to not only trade back to previous structure but im tipping busting through this supply to the next level around .040, this supply being heavily compromised now with all the breaching with market structure.
What i dont want to see is a ranging consolidation here between the top and the 38 retracement, if this walks sideways for to long confirming a distribution zone we could be set up for a coin flip depending on overall market sentiment and more so emphasis on BTC direction, in other words could go up could down....
either way im thinking the break in this supply will be another fairly impulsive move to the next target around 10% from the retracement area.
2 options we had for this trade was lucky dip longs off trend and pay close attention for the break out...ORRR use buy stops and catch the break.
Either strategy would have worked as we suggest this move to be a fairly aggressive move to the next supply zone which we not only tapped but have eaten through it over the last day.
Profits taken around 9% x leverage but now we wait for a pause, ideally a retrace to the 50-618 giving us another opportunity to not only trade back to previous structure but im tipping busting through this supply to the next level around .040, this supply being heavily compromised now with all the breaching with market structure.
What i dont want to see is a ranging consolidation here between the top and the 38 retracement, if this walks sideways for to long confirming a distribution zone we could be set up for a coin flip depending on overall market sentiment and more so emphasis on BTC direction, in other words could go up could down....
either way im thinking the break in this supply will be another fairly impulsive move to the next target around 10% from the retracement area.
Note
Updateeth following well, touched our first buy zone already with a nice wick up, one entry filled so far.
Would like to see it respect the 50 and 618 for a little before going much deeper, market could still turn if btc can follow up with its movements.
Trade active
perfect touch on our buy zone and pulling away nicely up 3.5% already since entry x leverage healthy profits for the morning.we are still nearing this area of supply right now and price is finding resistance here as volume seems to be tappering off.
If we cant break this supply just yet we might be coming back down to test the 50 again maybe even the 618 before it tries to have another run up.
im still expecting another impulse move leading up to the fork so this trade is still active until it breaks down imo.
Note
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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.