Based on the current trend, we are gradually approaching the midpoint, which seems to present a favorable opportunity for entering a long trade towards the resistance zone. It is worth noting that we haven't witnessed a retest of the midpoint as support yet, indicating potential buying interest in that area. By positioning our entry just below the midpoint, we can potentially avoid any false breakdowns and minimize the risk of stop hunting
Comment:
So far BTC has been continuing to show weakness with a slow bleed towards @ 26K after a rejected breakout of the resistance @ 27.3K, The price is still looking choppy but since it is looking more bearish than bullish in my opinion the trade setup of a retest of the HTF range mid point and the trade setup remains valid
Comment:
There is still some time before the daily closes of today and we enter the weekend, today has been a green day and I expect it to close that way. The losses that where made yesterday are recovered. We had a few red days in a row so it isn't really surprising to see. Let's see what next week brings us. I will post an update on the setup again on Monday so far so good the play is still intact. Enjoy your weekend!
Comment:
Yesterday we broke down of the structure we have been stuck in for weeks. This brings us closer to the entry zone I have set Just below the mid point. The trade is still perfectly on track.
Order cancelled:
Price didn't reach my buy order and rallied back up towards 29K so I cancelled the trade and I will be looking for a new possible setup. Chances are high that if we do get rejected again at the 31K - 29K area we drop a lot lower then my buy order so it's safer to remove it and have some more patience for a new setup