Bitcoin prints a bullish candle—wow, are the bulls back? Is that how you see it?
One bullish candle on Bitcoin and you think the bulls are back? Don’t get baited into a long! Futures trading lesson! Short the rebound!
BTC
1. The 76,900 level we highlighted yesterday as a point to watch held up, and the rebound has been profitable so far. But price has now reached the area where support was broken, and the upside is being capped, so reduce your position. If you need to add back to your position, watch the area around 76,866.
2. For the next few days, just remember one thing: any large bullish candle could very well be a false breakout. Trade ultra-short-term, entering and exiting quickly; even then, only enter with a small position at an OB or FVG. The current structure leans toward an upward test of resistance.
ETH:
1. On the 1-hour timeframe, watch for an entry near 2,261 and wait for a reversal on the 5-minute timeframe.
2. The current huge-volume bullish candle is sweeping liquidity; price will test support a second time.
One bullish candle on Bitcoin and you think the bulls are back? Don’t get baited into a long! Futures trading lesson! Short the rebound!
BTC
1. The 76,900 level we highlighted yesterday as a point to watch held up, and the rebound has been profitable so far. But price has now reached the area where support was broken, and the upside is being capped, so reduce your position. If you need to add back to your position, watch the area around 76,866.
2. For the next few days, just remember one thing: any large bullish candle could very well be a false breakout. Trade ultra-short-term, entering and exiting quickly; even then, only enter with a small position at an OB or FVG. The current structure leans toward an upward test of resistance.
ETH:
1. On the 1-hour timeframe, watch for an entry near 2,261 and wait for a reversal on the 5-minute timeframe.
2. The current huge-volume bullish candle is sweeping liquidity; price will test support a second time.