
Ian_Carsen
@t_Ian_Carsen
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Ian_Carsen

Indicated are some of the major support and resistance levels I'm looking at. I'd expect price to break out of the current consolidation to the upside before moving lower.

Ian_Carsen

While I believe BTC is heading higher (not ATH highs yet) after ending at least pt 1 of a larger corrective phase, if it breaks the current near-term trend but falling below the indicated wick, I think there's a good chance of reaching the first indicated support. Upon which there should be a long to the short region indicated.

Ian_Carsen


Ian_Carsen

It's likely that BTC will find a short off of the indicated range and move lower to one of the indicated ranges, at which point the correction will have ended and another move to new ATH can begin.

Ian_Carsen

Dot is in an uptrend, the idea would be to catch the next move up. The higher RR is likely to miss the entry--and if entry is filled not reach the indicated target but something more local. The lower RR entry (higher price) is not as rewarding however. Of course you may use local breakout etc entry techniques.

Ian_Carsen

If WLD keeps coming down and eventually hits the entry, this could be an OK trade. A bit risky since long-term target already hit on top. If there's a move up before entry is hit, cancel the trade.

Ian_Carsen

We're likely in a larger consolidation phase on Bitcoin. I'd expect something like the indicated moves. Looks as if the current support may hold. Regardless, there's a fairly strong one below that would be great for a long trade.

Ian_Carsen

There is a consolidation indicated. This trade, if filled before breaking out of consolidation could be very good. Price could also go lower. A higher risk much higher reward type of trade. Target would have to be determined later.

Ian_Carsen

ATH (All Time High) should be taken out soon. My primary trading methods require a bit more time and information before identifying additional supports.I would however be on the look out for a retracement soon after ATH--especially if ATH is not explosive. The way this price action seems to work is: take out a major extreme, and the associated stops--grab the liquidity to take profits--then reverse!

Ian_Carsen

It appears most likely that BTC will make a larger 3-wave structure to the downside before another move higher--although this is of course not guaranteed. Based on the performance of the short to-date, I would not expect a large move down in price. BTC is very strong at the moment. Caution is warranted on the short side.
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