BTC looking to form a new figure after yesterdays dump
So, my position from yesterday payed off. BIG. That huge wedge that we broke was announcing a dump and we had a dump.
So what now? well, those candles make the chart look deformed so, even on longer timeframes, I believe that we are still looking to form a figure. Any figure.
Still, fibonacci levels are being respected, and the dotted red line that marks the HUGE battlefield we had a couple of weeks ago at 6310 is still relevant. Not comfortable trading it, so no position for now. Will probably open up a short (with half my trading stack) at the dotted purple line which right now sits at 6855.... but that price, right now, looks way too optimistic to achieve. Still, all indicators are very low (4h RSI is VERY oversold and has been since yesterday) so if we have a big move up, I wouldn't be surprised.
Trade safe, use SL! we are on liquidation season.
So what now? well, those candles make the chart look deformed so, even on longer timeframes, I believe that we are still looking to form a figure. Any figure.
Still, fibonacci levels are being respected, and the dotted red line that marks the HUGE battlefield we had a couple of weeks ago at 6310 is still relevant. Not comfortable trading it, so no position for now. Will probably open up a short (with half my trading stack) at the dotted purple line which right now sits at 6855.... but that price, right now, looks way too optimistic to achieve. Still, all indicators are very low (4h RSI is VERY oversold and has been since yesterday) so if we have a big move up, I wouldn't be surprised.
Trade safe, use SL! we are on liquidation season.
Penafian
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