Here is quick look into the range within the range for BTC on the 1H timeframe.
Personally not interested in trading BTC at these levels and I will explain a bit why with 2 different scenarios. We are still a range bound and haven't found our one way momentum back (yet). We are in a trader's market where all plays should be level to level.
Scenario 1
Here is a quick look on how I WOULD look to play BTC IF I wanted to. For the short play a clean 'retest' and deviation of the highs of the range would confirm lower prices. Targets would then be 27.2K - 27K
Entry below 28K
TP 27.2K
TP 27K
SL 28325 (tight invalidation)
Scenario 2
IF we reclaim the highs of the range and start creating higher highs we will most likely breakout (trap the aggressive and late shorts) and push back towards 28.2K-29K. (NOT A BULLISH SIGN MERELY LEVEL TO LEVEL TRADING)
Entry above 28K
TP 28.2K
TP 29K
SL 27580 (tight invalidation)
Depending on the direction of BTC it will drag the rest of the crypto market with it. So be AWARE AND RESPONSIVE
Let's see how we play out.
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Personally not interested in trading BTC at these levels and I will explain a bit why with 2 different scenarios. We are still a range bound and haven't found our one way momentum back (yet). We are in a trader's market where all plays should be level to level.
Scenario 1
Here is a quick look on how I WOULD look to play BTC IF I wanted to. For the short play a clean 'retest' and deviation of the highs of the range would confirm lower prices. Targets would then be 27.2K - 27K
Entry below 28K
TP 27.2K
TP 27K
SL 28325 (tight invalidation)
Scenario 2
IF we reclaim the highs of the range and start creating higher highs we will most likely breakout (trap the aggressive and late shorts) and push back towards 28.2K-29K. (NOT A BULLISH SIGN MERELY LEVEL TO LEVEL TRADING)
Entry above 28K
TP 28.2K
TP 29K
SL 27580 (tight invalidation)
Depending on the direction of BTC it will drag the rest of the crypto market with it. So be AWARE AND RESPONSIVE
Let's see how we play out.
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
