Do not attempt to trade this market thinking it's heading to 50k or 20k just yet.
1. The marker is still in a descending triangle...it can go either way.
What are we looking for?
- Confirmations for a high quality trade and right now we don't have either.
2. Market is rejecting at resistance.
What are we looking for?
- I want to see price fall to 35.6k or 33.8 and bounce and make a new high at 40k. Then, I will have the confidence to buy the 38k - 36l retest to 43-46k.
Now, assuming we don't get that, and price continue to respect the H4 bearish structure then I will start selling with confidence to the downside.
3. The weekly candle is also on my mind. The question remains, can it be a nice rejection...? if it can be then the upside is very likely.
Advice: Do not the weekend and let price figure it out and give us the confirmation that we're looking for.
I will continue to update this.
Follow me and I will continue to post more!
OkBoss
1. The marker is still in a descending triangle...it can go either way.
What are we looking for?
- Confirmations for a high quality trade and right now we don't have either.
2. Market is rejecting at resistance.
What are we looking for?
- I want to see price fall to 35.6k or 33.8 and bounce and make a new high at 40k. Then, I will have the confidence to buy the 38k - 36l retest to 43-46k.
Now, assuming we don't get that, and price continue to respect the H4 bearish structure then I will start selling with confidence to the downside.
3. The weekly candle is also on my mind. The question remains, can it be a nice rejection...? if it can be then the upside is very likely.
Advice: Do not the weekend and let price figure it out and give us the confirmation that we're looking for.
I will continue to update this.
Follow me and I will continue to post more!
OkBoss
