$BTC - V recovery or Wick to fill? 60K or 50K?
Basically market absolutely shat itself while I was enjoying some sleep after a good night out to the pub
Sadly some longs I had been building took a sting
Reasons:
Hash rates in China died due to a huge blackout their which correlated with big downturn
Also, lost 59K and it created a chain reaction of sells and long liquidations as price had been stuck above 58Kish without completely pushing to the proper targets so so many stops beneath this region
Plan:
1. V-shape recovery - these are everywhere in crypto
shows strength through a break in bearish structure and price pushes higher
similar here, short term HH printed, now we want a HL to hold on the 'kneckline' of the V/W formation
Good area to long if so, if not
2. Wick gets filled, 1D demand and median mid range longs
this dump has left a huge 3K wick on the 4H chart, which is still 2K in size even on the 5m chart
Saw this also at the 42K high just after big dump leaving big wicks which got filled
Similar at 58K also where wicks got filled all the way down to low 40's
These were caused by bearish divs though not blackouts etc.
Again if that HL doesn't hold and this HH was just a run on stops of sells then it is likely the wick will be filled
I would expect the 1D demand zone to provide strong support with a reclaim of the 'median' mids a decent area to start longing!
Now the 1D close has just happened the candle bodies closed as a HL which is good to maintain the uptrend
The way today has openned though is quite concerning. Hoping a HL forms for my portfolio's sake!
See you in the morning!
Sadly some longs I had been building took a sting
Reasons:
Hash rates in China died due to a huge blackout their which correlated with big downturn
Also, lost 59K and it created a chain reaction of sells and long liquidations as price had been stuck above 58Kish without completely pushing to the proper targets so so many stops beneath this region
Plan:
1. V-shape recovery - these are everywhere in crypto
shows strength through a break in bearish structure and price pushes higher
similar here, short term HH printed, now we want a HL to hold on the 'kneckline' of the V/W formation
Good area to long if so, if not
2. Wick gets filled, 1D demand and median mid range longs
this dump has left a huge 3K wick on the 4H chart, which is still 2K in size even on the 5m chart
Saw this also at the 42K high just after big dump leaving big wicks which got filled
Similar at 58K also where wicks got filled all the way down to low 40's
These were caused by bearish divs though not blackouts etc.
Again if that HL doesn't hold and this HH was just a run on stops of sells then it is likely the wick will be filled
I would expect the 1D demand zone to provide strong support with a reclaim of the 'median' mids a decent area to start longing!
Now the 1D close has just happened the candle bodies closed as a HL which is good to maintain the uptrend
The way today has openned though is quite concerning. Hoping a HL forms for my portfolio's sake!
See you in the morning!