Since missing our previous entry by $30, BTC has completed an bullish higher High structure which has been confirmed on the 4hr and daily. This bullish structure is paving the way to a likely higher low. I've activated a small long position at 8,666. I will look to add more in the area between 8,400 and 7,600 which is the likely support area, at the signs of a reversal. I was comfortable with taking a risk at 8,666 as i do not believe it is a bad entry short term and i kept my positions size low. I will look to add more positions in cryptos short term now that the market has revealed its broader intent. T1 9800 T2 11,500 SL 7,600 Risk reward 3 to 1.
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Closing this trade in profit to monitor. Lower high might mean low is now it.
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Low Is not in** entry 8666 close 9200
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Looking back at the rising wedge. Looks like we had melted up thru the top before breaking down. We've retested and confirmed the wedge support. We will probably see more downside for the time being
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I expect market will decide today or tommarow if we are going to 11.5k or 7.5k(and possibly lower)
Now you have potentially 2 typos: "now it"" and "not in".
Do you mean the latter, "not in"?
ecicic
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@mightytrader, hahaha sorry I am at work and using mobile. I meant it's possible that the low is not in. Additionally this move down is not drastic but there is other factors in play like the mt gox coins moving to exchanges which might spook the market.
Do you mean the latter, "not in"?