$BTC: Weak bounce—don't get caught chasing halfway through
The bias is bearish, but don't chase it near the lows. In the candle that just closed, price touched the upper moving-average zone intraday, but fell back near the low by the close. The attempt to move higher didn't go well. But price has already been pushed down, so chasing a short here could quickly become uncomfortable if there's even a slight bounce.
Be patient. Watch how it behaves when it returns to the overhead resistance. If it fails to hold there again and closes lower, that would be the point to trade with the weakness.
My plan has just two steps:
① If 81157.1 fails to hold and the rebound can't reclaim it, look for a short.
② If it holds, look toward 80860.36. Set a stop at 81305.47, and don't hesitate to cut the trade.
#TrendTrading
The bias is bearish, but don't chase it near the lows. In the candle that just closed, price touched the upper moving-average zone intraday, but fell back near the low by the close. The attempt to move higher didn't go well. But price has already been pushed down, so chasing a short here could quickly become uncomfortable if there's even a slight bounce.
Be patient. Watch how it behaves when it returns to the overhead resistance. If it fails to hold there again and closes lower, that would be the point to trade with the weakness.
My plan has just two steps:
① If 81157.1 fails to hold and the rebound can't reclaim it, look for a short.
② If it holds, look toward 80860.36. Set a stop at 81305.47, and don't hesitate to cut the trade.
#TrendTrading