BTC weakness. A Correction is coming?Last two days volume is higher than before.
Nonetheless, price is stuck below $47.5k with little fluctuations.
Last two candles have small bodies are longer tails. In a technical point of view, that’s bearish sign in the short term.
Maybe a correction is coming.
It is not a good idea to open a short position if you are a novice trader. But it is better to place a long in the supply zone or below it.
Investing is a probability game.
Try for consistency, there is no perfection in that. Not financial advice. Always do your own research.
Longtailwicks
PPB: High Priced Stock, Breakout with CorrectionThank you for your continued support :)
Strategy: Moving Averages Formation
Bias: Bullish. Breakout from long term resistance of 18.84 and the shaded box consolidation range, followed by correction with the lower shadow touching 50% key level and closing up exactly at the mentioned 18.84 level.
Stop-loss: 18.54, the open price of the breakout candle; or 18.46, the half-yearly MA as support
1st Target: 20.00; also a psychological level.
2nd Target: 21.36
Gentle reminder: Plan your trade and trade your plan. Peace out!