#BinancePickAndWin Breakdown of $BTC Wedge Underway Bears Still in Control of the Formation….!!!! The chart continues to respect an established descending trendline, which together with the continuation of lower highs within the wedge formation suggests that bears will stay in control until price manages to reclaim this level with convincing volume…….. My #BTC short trade continues to be in the green zone, currently sitting on over $8.8K of realized PnL. Patience has been crucial in this trade as well as in this structure overall, since bulls have yet to provide any convincing signals on the chart…….. Trading Strategy: Bias: Short Zone: 59,700–60,000 Stop: Above 60,800 Target 1: 58,900 Target 2: 58,200 Target 3: 57,500 Risk management comes first…….. If Bitcoin manages to reach the lower support trendline and form a robust reversal pattern with increasing volume, then I might close out my shorts in search of a reverse pattern $BTC
#USPARITYCryptoTaxBill $BTC reclaimed the $74K zone after dropping toward $72K following the US strikes on Iranian territory and Iran’s response targeting a US base in the Koweït 👀 The market reacted sharply at first, with Bitcoin briefly selling off before quickly recovering and pushing back above key levels. Yes, the move was bearish intraday, but interestingly, it also puts the current bull trap narrative back into perspective. Because in a true bull trap structure, an event of that magnitude could normally act as a real catalyst for a deeper breakdown and trigger a much more aggressive continuation lower. Instead, Bitcoin absorbed the shock relatively well and starring recovering the move shortly after. For now, the broader bullish structure therefore still remains relatively intact in my opinion, and the next few days or weeks should give a clearer confirmation about the real direction of the market.
#GENIUSBinanceHODLer $BTC reclaimed the $74K zone after dropping toward $72K following the US strikes on Iranian territory and Iran’s response targeting a US base in the Koweït 👀 The market reacted sharply at first, with Bitcoin briefly selling off before quickly recovering and pushing back above key levels. Yes, the move was bearish intraday, but interestingly, it also puts the current bull trap narrative back into perspective. Because in a true bull trap structure, an event of that magnitude could normally act as a real catalyst for a deeper breakdown and trigger a much more aggressive continuation lower. Instead, Bitcoin absorbed the shock relatively well and starring recovering the move shortly after. For now, the broader bullish structure therefore still remains relatively intact in my opinion, and the next few days or weeks should give a clearer confirmation about the real direction of the market.
#BitcoinSurpasses$74K $BTC reclaimed the $74K zone after dropping toward $72K following the US strikes on Iranian territory and Iran’s response targeting a US base in the Koweït 👀 The market reacted sharply at first, with Bitcoin briefly selling off before quickly recovering and pushing back above key levels. Yes, the move was bearish intraday, but interestingly, it also puts the current bull trap narrative back into perspective. Because in a true bull trap structure, an event of that magnitude could normally act as a real catalyst for a deeper breakdown and trigger a much more aggressive continuation lower. Instead, Bitcoin absorbed the shock relatively well and starring recovering the move shortly after. For now, the broader bullish structure therefore still remains relatively intact in my opinion, and the next few days or weeks should give a clearer confirmation about the real direction of the market.