BTC needs to correct further before being a solid mid term buy

The 50 EMA is falling and coming close to the 200 EMA on the 4 hour chart. The current wave up doesn't seem to have the strength to continue any further without a further correction and a stronger base. Bitcoin buyers at 10k are few, and bitcoin needs to build more structure before wanting to reach or break the previous highs of 2018. My entry at present would be to short this until the bottom of the triangle, and then wait for a breakout.

Be careful though, Bitcoin being a fairly illiquid market in comparison to other regulated ones, can seem to have massive wicks and so a stop loss can be triggered even though the trend hasn't reversed.

Trade active:

Trade is in the money. Stick to the targets for now.

Trade active:

I still expect significant downside before a change in trend.

Trade closed: target reached:

Superb trade...