BTC (Y24.P2.E1).Reaccumulation

2024年5月11日

Hi Traders,

Yes its boring compared to previous volatility. and the weekly 20 EMA did its job.
I believe this is a corrective wave rather than a distribution structure as it did not drop significantly after the neckline was taken out. Hence a liquidity grab at the 20 weekly ema (fake out).
We have the main moving averages to use to gauge the reversal and we also have it as a complex corrective wave with the last part being a zigzag combination, as per chart below.
We might just retest the weekly 20 ema before the reversal structure is made. If we get another failed auction structure, a rejection to the downside, we then can expect the price to break through the MAs and as per last time, use it as support and then up it goes.
For now, we did not get above the MAs and for the conservative trader, wait for that confirmation.
I have a long entry from the 58k range and I have a 2x shorts of lesser value to offset my fees if price was to take out my previous entry and stop losses.

Hence this strategy helps ensure you take care of your entry fees or SL losses.

Please give me a like and share,

Regards,
S.SAri

if you missed a short entry, you might have this scalp entry opportunity





Regular flat scenario

2024年5月12日

註釋

waiting for confirmation ? #BTC Maybe the same level with the WT would be the clue