Dear Traders,
I am quite neutral on BTC for now because of what I am seeing on the weekly. First and foremost, The breakout of the previous downtrend has been established and the possibility of a bullish continuation is quite obvious if we see a weekly candle closure above the yellow zone in my chart.
On the other hand, if you look to the left of my chart, that blue circle is pointing to a bullish order block that was supposed to have held price during the previous downtrend but could not and became a bearish breaker block.
If you pay close attention, you will see that right now, the price is currently rejecting the bearish breaker block on the weekly and that may be a pointer to some bearish retracement unless we see a bodily closure above the yellow zone then we can then say that the probability of price trading to between
42K
&
48K
is then high.
If we continue to see a rejection of the yellow zone, then it might make sense to go to a lower time frame to see if there may be bearish candle stick patterns that may give us a good hint to sell.
For, I will strongly advise that we wait to see how the weekly candle closes in less than 48 hours from now then it would be easier to take a trading call on BTC.
Remember, this is a patience game.
Please trade carefully and apply proper risk management
I am quite neutral on BTC for now because of what I am seeing on the weekly. First and foremost, The breakout of the previous downtrend has been established and the possibility of a bullish continuation is quite obvious if we see a weekly candle closure above the yellow zone in my chart.
On the other hand, if you look to the left of my chart, that blue circle is pointing to a bullish order block that was supposed to have held price during the previous downtrend but could not and became a bearish breaker block.
If you pay close attention, you will see that right now, the price is currently rejecting the bearish breaker block on the weekly and that may be a pointer to some bearish retracement unless we see a bodily closure above the yellow zone then we can then say that the probability of price trading to between
42K
&
48K
is then high. If we continue to see a rejection of the yellow zone, then it might make sense to go to a lower time frame to see if there may be bearish candle stick patterns that may give us a good hint to sell.
For, I will strongly advise that we wait to see how the weekly candle closes in less than 48 hours from now then it would be easier to take a trading call on BTC.
Remember, this is a patience game.
Please trade carefully and apply proper risk management
FINSPOT ACADEMY