Bitcoin on a high time frame still looks beautiful, however if you are a day trader exercise caution here! Technically speaking, bitcoin could pull back all the way to $53K and still be long term bullish for continuation to new all time highs! However, maintaining a bullish bias as we are in a bull run, I am always looking for bullish market structure to form after a bearish trend has appeared. Low time frames I called a bear flag that began to form after the dump on wednesday and low and behold, it played it out. Now that that bear flag has broken down, my short term target is around 61300-62200 for bitcoin. From there, we could be seeing a falling wedge forming if you look on the 1H and 4H time frame but it is to early to tell. For me personally, I will not be looking for new long positions until we see how the weekly candle closes. If you missed a short call, I wouldn't advise opening one here either. Exercise caution, use stop loss and dollar cost average this dip! (NFA)
Happy trading everyone, enjoy the weekend
Happy trading everyone, enjoy the weekend