While watching BTC chop around a lot recently, we were provided with the first decisive candle in a while; a daily rejection candle, bouncing us back up from the lower end of our support. While it's still a very risky area to be taking trades, anyone looking for long entries will be getting their best stot right now. On the H4 chart, we can see that there was a false break to the downside shortly followed by a large green candle. In a lot of cases this is indicative of a momentum switch and could point to us heading back towards $50,000.
A daily close below this range however, would invalidate the trade and prompt us the be cutting any losses and waiting for newer entries. But for now, we will be finding LTF long entries and keeping stop losses just below the range until we break higher and can move to break even.
A daily close below this range however, would invalidate the trade and prompt us the be cutting any losses and waiting for newer entries. But for now, we will be finding LTF long entries and keeping stop losses just below the range until we break higher and can move to break even.