Bitcoin on its way to test the bottom of the range
After the failed break out of the range and a last bull attempt the bears are back in control and test the middle of the range on declining volume.
I expect the range lows to be tested soon because I think the 9300 resistance is washed out and will not hold much longer after many touches in the last weeks.
The arrows are roughly symbolizing my game plan.
What I want to see ideally is a test of the range low with a following quick upwards reaction back towards mid-range and 9000.
Always keep an eye out on the fundamental situation with major positive news that could trigger the post-halving run up as well as S&P aso taking another Covid-19 hit, in which case I think Bitcoin would follow downwards, also less drastically.
I expect the range lows to be tested soon because I think the 9300 resistance is washed out and will not hold much longer after many touches in the last weeks.
The arrows are roughly symbolizing my game plan.
What I want to see ideally is a test of the range low with a following quick upwards reaction back towards mid-range and 9000.
Always keep an eye out on the fundamental situation with major positive news that could trigger the post-halving run up as well as S&P aso taking another Covid-19 hit, in which case I think Bitcoin would follow downwards, also less drastically.
Trade active
PA so far is weaker than I anticipated, I don't expect it to reach 9500 again, price only made it up to 9300 and dumped again from there.So I expect more downside and will stay in my shorts.
Invalidation is a 4h close above 9500, still targeting the range low.
Note
For a more conservative play you could place your stops more tight above 9350 if you want to use low leverage on this short.
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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.