THETABTC | S/R Flip | Trend Reversal | Trade Setup
Updated
Today's analysis – THETABTC – Putting in an S/R flip retest of daily support. Price holding this level validates a long trade to structural resistance.
Points to consider:
- Trend Reversal (S/R flip)
- 21 EMA (visual guide)
- Bearish divergence (playing out)
- Stochastics above 50
- Low Volume
THETABTC forming a probable higher low above daily support as it retraces for a retest. Price holding this level will indicate first signs of a trend reversal as the market builds momentum to the upside, establishing a bullish bias.
The 21 EMA will act as a visual guide as the trend develops and price respects the MA assisting in trade management.
Bearish divergence playing out as price tests support. Both oscillators need to hold and range above 50 to maintain the bullish bias.
Volume is low and below average, usually, an indication of an influx being imminent.
Overall, in my opinion, s successful retest of the daily support level validates a long trade to structural resistance with risk defined (SL) below support zone.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Trend Reversal (S/R flip)
- 21 EMA (visual guide)
- Bearish divergence (playing out)
- Stochastics above 50
- Low Volume
THETABTC forming a probable higher low above daily support as it retraces for a retest. Price holding this level will indicate first signs of a trend reversal as the market builds momentum to the upside, establishing a bullish bias.
The 21 EMA will act as a visual guide as the trend develops and price respects the MA assisting in trade management.
Bearish divergence playing out as price tests support. Both oscillators need to hold and range above 50 to maintain the bullish bias.
Volume is low and below average, usually, an indication of an influx being imminent.
Overall, in my opinion, s successful retest of the daily support level validates a long trade to structural resistance with risk defined (SL) below support zone.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Trade closed: stop reached
Upon reassessment:- Double bearish divergence on the 8 hour (bigger timeframe) playing out
stronger than anticipated.
- Daily support zone should be been closer to 2700 sats
- Pevious break above resistance did not have any significant volume follow
through, nor did the retest of support, indicative of weakness in the market.
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