How to Stay Ahead of this BTC Battle for Trend Direction!
Hello Traders!
With Bitcoin seemingly consolidating, we can begin to feel better about the Bullish trend continuing...but what if it doesn't?
If you are someone looking for Longs or someone looking for Shorts, either way there is CRAZY confluence here for someone!
LONGS - Bullish above $45,100. the Larger degree Extension long entry has entered at the 38.2% line. In terms of probability, the best thing Longs have going for them is the DOWN-sloping Correction Channel still holding as well as the Micro Long that is setting up with it's target within the Short setup at $51,900...but recent price action is telling me that the Shorts are gaining traction.
SHORTS - STILL Bearish below $54,410 and now the number of Short setups have increased with targets that are going to break lows and potentially send us to the Extension 50 entry. The best thing for Shorts here is the UP-sloping SW Correction Channel that a community member pointed out looks like an EW Flat pattern and with how it channels, I agree with him which is not good for Longs.
Overall, we can say we are Bullish on the Macro level, with the larger Extension entered at $43,400 but we are witnessing a battle for trend direction right now. The main issue we have here is gonna be the UP-sloping Correction Channel that price is respecting "to-the-tick" (TTT). If price breaks the Micro Long setup AND breaks below the Lower Boundary of the UP-sloping Correction Channel, shorts gain that much more probability of reaching it's target.
Hopefully this provides enough steps that you can stay ahead of this market!
Happy Trading, always manage risk.
With Bitcoin seemingly consolidating, we can begin to feel better about the Bullish trend continuing...but what if it doesn't?
If you are someone looking for Longs or someone looking for Shorts, either way there is CRAZY confluence here for someone!
LONGS - Bullish above $45,100. the Larger degree Extension long entry has entered at the 38.2% line. In terms of probability, the best thing Longs have going for them is the DOWN-sloping Correction Channel still holding as well as the Micro Long that is setting up with it's target within the Short setup at $51,900...but recent price action is telling me that the Shorts are gaining traction.
SHORTS - STILL Bearish below $54,410 and now the number of Short setups have increased with targets that are going to break lows and potentially send us to the Extension 50 entry. The best thing for Shorts here is the UP-sloping SW Correction Channel that a community member pointed out looks like an EW Flat pattern and with how it channels, I agree with him which is not good for Longs.
Overall, we can say we are Bullish on the Macro level, with the larger Extension entered at $43,400 but we are witnessing a battle for trend direction right now. The main issue we have here is gonna be the UP-sloping Correction Channel that price is respecting "to-the-tick" (TTT). If price breaks the Micro Long setup AND breaks below the Lower Boundary of the UP-sloping Correction Channel, shorts gain that much more probability of reaching it's target.
Hopefully this provides enough steps that you can stay ahead of this market!
Happy Trading, always manage risk.