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 attivo
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.
Nota
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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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.