Let's watch for a breakout at $11,761.70 and short the market. We should wait for a close below the BO level, as the trend is unclear in the 4HR (judging by the EMA200) and the daily is bullish so we would be trading against the bigger trend (above the EMA200). Remember the 1-2-3 strategy we use, and keep your stops below the impulse waves on the 1HR or larger TFs.
*BTCUSD tends to impact Altcoin/USD prices, so watch for selloffs in your other trades if this scenario plays out.
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Watch for close above our invalidation level. This will invalidate our short plan, and we will want to go long ;)
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Watch for breakdown here
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Sorry for got update this! Targets are still valid, although I think they will be a little lower. Remember we are watching for the EMA200 on the daily to turn things around.
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MIN TP HIT! I closed all short positions at 6K, Enough I think. We are trading below the ema200 on the daily.... not good for the bulls. But we are at the bottom of the range here on the log. Let's position to get long now ;)
@cardan6006, we are in a downtrend I think. I'll be watching closely what price action does around the 200EMA on the daily, as it will likely act as support, at least for a little while.
Malatesta420
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Hi! What's required to break invalidation level? A full 45min candle above it? Or just crossing it?
Thanks
Trader6127
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@Malatesta420, that depends on the time frame you trade on. I trade BTC mostly on the 4HR and daily. So I need a close above that level on the 4HR.