BTC Rejected at OTE - Don't panic
Updated
Seems like the 'News' release from Tether investigation earlier was timed wonderfully and resulted in the perfect price action.
BTC was looking bearish, so it should not come as a surprise to the sell off...notwithstanding the release of the news did 'help' with the speed of the sell off.
You'll see from the chart the magic 705 number appears yet again as the Optimal Trade Entry on the full range - for a short - and shows its merit as a key level to always have on your charts.
If you have trouble understanding 705 for a short entry - one quick exercise is to simply invert your chart and apply the retracement in the same way - et voila!
We fell $40 short of the upper flag liquidity, now my eyes are drawn to the D1 Bearish Breaker and see if we are rejected there to make our way towards (and hopefully reach) the Sept 17 EQ and lower flag - sweeping more x's as we go.
Lets see what we get.
BTC was looking bearish, so it should not come as a surprise to the sell off...notwithstanding the release of the news did 'help' with the speed of the sell off.
You'll see from the chart the magic 705 number appears yet again as the Optimal Trade Entry on the full range - for a short - and shows its merit as a key level to always have on your charts.
If you have trouble understanding 705 for a short entry - one quick exercise is to simply invert your chart and apply the retracement in the same way - et voila!
We fell $40 short of the upper flag liquidity, now my eyes are drawn to the D1 Bearish Breaker and see if we are rejected there to make our way towards (and hopefully reach) the Sept 17 EQ and lower flag - sweeping more x's as we go.
Lets see what we get.
Note
Upper Flag taken - awesome.Now wait for daily to close to see whether we get an SFP or not - i.e. body of daily candle closes below 5690 or above
Trade closed manually
BTC went wild - now in retrace mode.
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