BTC LONG to 16k
Price came back and retest the previous swing high at $9100 and bounced nicely, causing a swing failure below the low of $9660 where it failed to turn into resistance on the retest. Price then retraced to .786 fib bounced, retested $9660 as support and had a nice reaction. Therefore we are in a long term bullish structure with HTF support resistance to support flip.
We now have a bullish change in market structure on the lower timeframes with a 4H close above 10120 confirming a higher high after a higher low was put in at $9610.
A retrace of the 4H breakout candle below $9780 suggests a fakeout and opens the possibility of a retest of the lows at $9100 or even further down to key supports at $8300 or $7400, therefore we place our stop loss here.
If the trade turns our way and we don't get stopped out, the plan is to add to the long on pullbacks and ride the position to the next key HTF resistance at $16000.
We now have a bullish change in market structure on the lower timeframes with a 4H close above 10120 confirming a higher high after a higher low was put in at $9610.
A retrace of the 4H breakout candle below $9780 suggests a fakeout and opens the possibility of a retest of the lows at $9100 or even further down to key supports at $8300 or $7400, therefore we place our stop loss here.
If the trade turns our way and we don't get stopped out, the plan is to add to the long on pullbacks and ride the position to the next key HTF resistance at $16000.
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