$BTC: Weak bounce; the biggest risk is chasing midway
Bears have the upper hand, but there’s no need to rush in. The candle that just closed finished near its low, and the price has only edged up slightly, still some distance from the area capped by the moving averages above. This small recovery isn’t enough to call a trend reversal.
But chasing the price down here can be painful if it bounces. The bearish opportunity comes after the recovery: watch whether the price stalls when it reaches resistance above. If it gets pushed back down, then watch whether it breaks below the recent low.
Intraday checklist:
Trigger | 81437.3
Invalidation | 81534.54
First target | 81242.81
If the conditions don’t appear, there’s no trade.
#MarketAnalysis
Bears have the upper hand, but there’s no need to rush in. The candle that just closed finished near its low, and the price has only edged up slightly, still some distance from the area capped by the moving averages above. This small recovery isn’t enough to call a trend reversal.
But chasing the price down here can be painful if it bounces. The bearish opportunity comes after the recovery: watch whether the price stalls when it reaches resistance above. If it gets pushed back down, then watch whether it breaks below the recent low.
Intraday checklist:
Trigger | 81437.3
Invalidation | 81534.54
First target | 81242.81
If the conditions don’t appear, there’s no trade.
#MarketAnalysis