BTC back to 35k - potential retest and rejection at 50k before
Two scenarios IMHO. Based on shorter timeframes, I am leaning towards the blue path, eventually followed by a drop to 35k i.e. we might swing up first (blue path) solely to take out some shorts first given there will be plenty of SLs at 50k. Potential confirmation if we break 47.4k.
Having said that, price action is going nowhere at the moment and chart dynamics provide mixed signals, so I have highlighted a more bearish potential path (red).
There are plenty of micro structures and we took a beating in the past 48 hours so taking positions here is very, very risky. There will also be plenty of fake-outs so stick to your strategy with proper stop-losses to manage risk wicks turn into continuation.
Having said that, price action is going nowhere at the moment and chart dynamics provide mixed signals, so I have highlighted a more bearish potential path (red).
There are plenty of micro structures and we took a beating in the past 48 hours so taking positions here is very, very risky. There will also be plenty of fake-outs so stick to your strategy with proper stop-losses to manage risk wicks turn into continuation.
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We had a clean rejection at 47,399. Odds for red path have increased IMHO. Weekend price action is always messy; let's see what we get.
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Might hit the 0.5 at 41,156 for a bounce instead of the 0.382.
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Adjusted the wedge and I believe we are targeting 0.5 as first stop, somewhere around the 41,300 mark.
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Potential diamond forming if we hold 0.382.
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Trade active: