I saw a lot of short setups today and their reason was that $BTC deviated from the range high.
Hmm, no it hasn't! and in fact, the market structure in the high time frame hasn't shifted yet.
BUT, it is true that this is the last place for Bitcoin to defend before entering the bear territory!
Let me break it down for you:
This is what we are dealing with above the range high.
I like how the mid-range is aligned with the weekly open!
that's the first short I would take if we sweep that level and reject immediately.
The deviation is valid only if we break and close below the dotted line! after that, you are welcome to short $BTC to the ground.
the logical target for this scenario is the range low.
But again, for now we have no confirmation of a trend reversal. stay safe and try not to trade on Monday!
make sure to hit the boost button so more people find this post xoxo
Hmm, no it hasn't! and in fact, the market structure in the high time frame hasn't shifted yet.
BUT, it is true that this is the last place for Bitcoin to defend before entering the bear territory!
Let me break it down for you:
This is what we are dealing with above the range high.
I like how the mid-range is aligned with the weekly open!
that's the first short I would take if we sweep that level and reject immediately.
The deviation is valid only if we break and close below the dotted line! after that, you are welcome to short $BTC to the ground.
the logical target for this scenario is the range low.
But again, for now we have no confirmation of a trend reversal. stay safe and try not to trade on Monday!
make sure to hit the boost button so more people find this post xoxo