$BTC - how to play this weakness
Firstly we are into a bearish 1D trend now - recent HL taken out and rising wedge broke downwards.
Now we are looking for a reversal point forming a 1W HL.
Future 1W closes must be above 32.2 and the wicks must remain above 28.9 - Jan open - anything below here and then the 1W looks shitty and then we look to 24K, 20K etc.
Ex. SCENARIO: we move down into 42K, retest previous top, clear the trading gap and reclaim the mids at 44K and 43K and then we look for longs aiming for 51K and 56K-58K
If we get to 56-58K we must claim this region and move to test the 65K level, if not and we fail at 56-58K then we call that the 'complacency bounce' - forms a LH and we will stink
Similar to 2017/18 where we had 19.5Kish top then 17K on the complacency bounce, LH and then stink
The 4H oversold bull divs trade we took moved into decent profit but then got capped by the median mids 51100 so we closed position beneath that area
Now to watch as I am not longing here into resistance
Now we are looking for a reversal point forming a 1W HL.
Future 1W closes must be above 32.2 and the wicks must remain above 28.9 - Jan open - anything below here and then the 1W looks shitty and then we look to 24K, 20K etc.
Ex. SCENARIO: we move down into 42K, retest previous top, clear the trading gap and reclaim the mids at 44K and 43K and then we look for longs aiming for 51K and 56K-58K
If we get to 56-58K we must claim this region and move to test the 65K level, if not and we fail at 56-58K then we call that the 'complacency bounce' - forms a LH and we will stink
Similar to 2017/18 where we had 19.5Kish top then 17K on the complacency bounce, LH and then stink
The 4H oversold bull divs trade we took moved into decent profit but then got capped by the median mids 51100 so we closed position beneath that area
Now to watch as I am not longing here into resistance