Daily:
- Price tested daily resistance zone, daily MA's and 50% fib level and is getting rejected with wick to the upside.
4H:
- Price overextended on fib, feeling bears defending 40k level
1H:
- Price rolled over, broke short term uptrend line, retested and is now looking to move lower
* BTC still needs to find support at 30k level before this recent bear market can come to an end. That is the ultimate price bitcoin would need to fall to and see if bulls come in from there
Trade management:
- will add to position if we get a really clean retest and rejection of 38.5 level
Stop loss: 40498
- Above daily s/r zone and higher than local wick
take profit 1: 33k
- @ weekly liquidity level
take profit 2: 30.9k
- just above 30k
- Price tested daily resistance zone, daily MA's and 50% fib level and is getting rejected with wick to the upside.
4H:
- Price overextended on fib, feeling bears defending 40k level
1H:
- Price rolled over, broke short term uptrend line, retested and is now looking to move lower
* BTC still needs to find support at 30k level before this recent bear market can come to an end. That is the ultimate price bitcoin would need to fall to and see if bulls come in from there
Trade management:
- will add to position if we get a really clean retest and rejection of 38.5 level
Stop loss: 40498
- Above daily s/r zone and higher than local wick
take profit 1: 33k
- @ weekly liquidity level
take profit 2: 30.9k
- just above 30k
Trade closed: stop reached