Crypto MRKT setting up for sells.
BTC looks to be ready to finish its correction and re-establish its momentum to the downside again. What we know so far based on top down analysis is that BTC is dirrectionally favouring impuslive moves to the downside. After the impulsive move, and after the impulsive move in any market, the correctional phase will follow. The structure that price corrects in gives us hints to whether or not the direction of the next impulse will continue in the direction of the last, or reverse directions. In this case, recent price action is telling us that price correcting in a slight up trend, but setting up for the next bear impulse. 1. The LTF corrective wedge, 2. that wedge crashing at the top of the ascending channel it is within, 3. a double top, makes for clear reversal development. All in support of the HTF bias, where
BTC has had similar bear impulses followed by ascending corrective structures. To enter this trade, I would be looking for the break of the structures I have outlined followed by a smaller LTF ascending corrective structure that giving me solid R:R.
*Use stop order placements toideally allow for price to "take you in". Or better out, set a trap for the impulsive phase to push into and continue on.
*Also note that the double top is forming at a key level where the previous ascending corrective structure started its first low.
تم فتح الصفقة
The double top ended up forming more of a triple top to complete the ascending wedge structure. No reason to close the initial trade; current r:r ~1:11.
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إخلاء المسؤولية
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