At first I considered the dump out to be a dangerous place to take an entry, however I did a TD sequential count on it and it's nearing 9 which is usually a signal for a reverse.
This would coincide with the box on the diagram which shows about how far I expect BTC to go on this particular dump out.
I also strongly expect it to tag the 6300 congestion region again before going to lower prices.
So I think these factors mean a short term countertrend trade might make sense. I'll be looking to see how TD plays out and maybe go long in the high 3k region or low 4k with a target in the high 5k low 6k.
This would coincide with the box on the diagram which shows about how far I expect BTC to go on this particular dump out.
I also strongly expect it to tag the 6300 congestion region again before going to lower prices.
So I think these factors mean a short term countertrend trade might make sense. I'll be looking to see how TD plays out and maybe go long in the high 3k region or low 4k with a target in the high 5k low 6k.
