A short term bearish outlook on
BTCUSD
price action. For now, I am biased on taking a short position here should we fail to hold above key support lines. It is a very low risk play with a stop just over the candles high, and a profit target of the previous trend resistance line that it has just broken.
*Note that the stop loss is dependent on how the order flow for that area looks. I would suggest paying very close attention to how the footprint and delta look for these particular sets of candles, and observe the order flow/auction process carefully. The stop loss is not a blind/random stop loss but dependent on paying attention to how price is reacting to these levels to determine whether you should cut and reverse, close the position, or add to the position.
BTCUSD
price action. For now, I am biased on taking a short position here should we fail to hold above key support lines. It is a very low risk play with a stop just over the candles high, and a profit target of the previous trend resistance line that it has just broken. *Note that the stop loss is dependent on how the order flow for that area looks. I would suggest paying very close attention to how the footprint and delta look for these particular sets of candles, and observe the order flow/auction process carefully. The stop loss is not a blind/random stop loss but dependent on paying attention to how price is reacting to these levels to determine whether you should cut and reverse, close the position, or add to the position.