BTC Weekly is still Bullish , MS HH's and possibly a HL just formed.
Daily's. Bearish until break of 40k.
4H: Bullish if we get a close above 3700, there's still 2H till the close but I'd be very suprised to see a close that low.
The recent move up has been very volatile, with barely a pullback. Suggesting in the short - mid term, Buyers may have regained control.
Whether they can break 40 ,45,50k and kick off another leg a bullrun remains to be seen. I still think 45-50k will provide a great level for the weekly LH to form and an opportunity for a huge short.
That said, in the mean time, my short term bias has flipped bullish and I'm happy to take longs for 0.5R.
There's two setups I like right now, and I've placed orders for both.
Note: Fibs are a retracement tool, price may come further and invalidate my fibs, but I expect if it does so it'll only be to my supply zone . Barely changing the fibs. If it blows through that, I may well reconsider the trade.
Trade 1:
4H EQ, 50 fib, Strong 4H demand that was the origin for the huge push up. Weekly Demand zone .
SL placed a little further than normal, to allow for some overlap and possibility of both trades being winners.
Trade 2:
4H Birth zone that led to push. 61.8 Fib, 4H EQ.
PHAT R:R's on both.
Taken on Bitmex XBTU21 contracts. Low liquidity may provide an issue if highly volatile, but previous price action looks solid.
s3.tradingview.com/snapshots/n/n...
Daily's. Bearish until break of 40k.
4H: Bullish if we get a close above 3700, there's still 2H till the close but I'd be very suprised to see a close that low.
The recent move up has been very volatile, with barely a pullback. Suggesting in the short - mid term, Buyers may have regained control.
Whether they can break 40 ,45,50k and kick off another leg a bullrun remains to be seen. I still think 45-50k will provide a great level for the weekly LH to form and an opportunity for a huge short.
That said, in the mean time, my short term bias has flipped bullish and I'm happy to take longs for 0.5R.
There's two setups I like right now, and I've placed orders for both.
Note: Fibs are a retracement tool, price may come further and invalidate my fibs, but I expect if it does so it'll only be to my supply zone . Barely changing the fibs. If it blows through that, I may well reconsider the trade.
Trade 1:
4H EQ, 50 fib, Strong 4H demand that was the origin for the huge push up. Weekly Demand zone .
SL placed a little further than normal, to allow for some overlap and possibility of both trades being winners.
Trade 2:
4H Birth zone that led to push. 61.8 Fib, 4H EQ.
PHAT R:R's on both.
Taken on Bitmex XBTU21 contracts. Low liquidity may provide an issue if highly volatile, but previous price action looks solid.
s3.tradingview.com/snapshots/n/n...