This is a pullback or retracement trade idea
Looking at Bitcoin H4, we see that trend line is broken with a fairy significant impulse move earlier today to the downside after a rejection of $14k over the weekend.
So I have waited for a retest of the back side of the trend line that has acted as support. Bitcoin has closed at 9pm UK time below that trend line potentially signalling that the trend line could now act as resistance.
My idea will become invalidated at 13814, which is my SL for this trade.
my Take profit is around the $12,000 level. I have picked this level because this was where Bitcoin broken out from recently and I expect this level to be retested during the retracement
Looking at Bitcoin H4, we see that trend line is broken with a fairy significant impulse move earlier today to the downside after a rejection of $14k over the weekend.
So I have waited for a retest of the back side of the trend line that has acted as support. Bitcoin has closed at 9pm UK time below that trend line potentially signalling that the trend line could now act as resistance.
My idea will become invalidated at 13814, which is my SL for this trade.
my Take profit is around the $12,000 level. I have picked this level because this was where Bitcoin broken out from recently and I expect this level to be retested during the retracement