Bitcoin lower; no surprise.
For context of my warnings that we did not have a bullish reversal sign yet see all my previous Bitcoin posts where I elaborated on the corrective structure. Reading a correction is the most important thing because once you able to do that you can pinpoint a buy close to the low by means of a rationalized stop-loss and therefore the highest possible risk-reward.
In the chart I explained the lows by means of the fractals, the main fractal completed its minimum requirements, now fractal 2 of lesser degree starts to show hints as well. But that alone is not good enough for me. I like to trade this instrument with the highest probability risk/reward. So the more complex this correction turns out to be, the better.
The fact that we broke lower makes the potential buy even better. But key is that after the first move higher we knew that a continuation higher was far from likely. I will update once we see a reversal sign and for context you can watch my weekly video on YouTube.
Safe trades!
In the chart I explained the lows by means of the fractals, the main fractal completed its minimum requirements, now fractal 2 of lesser degree starts to show hints as well. But that alone is not good enough for me. I like to trade this instrument with the highest probability risk/reward. So the more complex this correction turns out to be, the better.
The fact that we broke lower makes the potential buy even better. But key is that after the first move higher we knew that a continuation higher was far from likely. I will update once we see a reversal sign and for context you can watch my weekly video on YouTube.
Safe trades!
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