BTCUSD - Retracement to 55k, Imminent Correction?
Updated
My opinions are not financial advice!
Another scythe pattern on
BTCUSDT is developing on the 15m chart.
For this particular trade, there are two targets to watch:
A continuing bearish divergence on the RSI indicates that a retracement is likely, and a correction may be imminent.
Another scythe pattern on
BTCUSDT is developing on the 15m chart.For this particular trade, there are two targets to watch:
- The 200 EMA will lock in a profit in the event that bull support for BTC is still strong, and the price rebounds off of the line.
- The daily L3 pivot is also a likely support zone to watch for, as the previous day's dip closed and rebounded on that price.
A continuing bearish divergence on the RSI indicates that a retracement is likely, and a correction may be imminent.
Note
Ascending triangle on the 5min -- waiting to see breakout direction.Trade closed: stop reached
Stop loss was triggered. BTC breaks out in upwards direction because of the ascending triangle.Trade type: Short
Percent Gain/Loss: -1.5%
Note
False breakout -- Bitcoin correction underway, expected support around 48k.Note
Bitcoin bounced off the support as expected -- the 12Hr L6 pivot and a buy wall, candle low just beneath 48k.Note
Final thoughts: the stop was set too low to account for a false breakout.
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