BTC back to MAY Horizontal Channel Price

2022年6月5日

We are now back to May price range between, 28.65k - 30.65k.

New information now and multiple confluence acting as support (GREEN circles) now:
1. Support from horizontal channel in May '22.
2. Descending channel support since April '22.
3. Order block (a little advanced but this is how the smart money trade) from previous triangle break.

Multiple confluence acting as resistance (RED circles):
1. Resistance from horizontal channel in May '22.
2. Descending channel (midline) acting as resistance. -this resistance usually does not hold well, low probability of success.

Placing a very low-risk trade with long entry at 28.7k and stop at 27.95k. TP at 30.65k.
Similarly, placing a short entry at 30.65k and stop at 31.54k. TP at 28.8k.

My definition of low-risk is a trade that will protect me from the worst-case scenario in the short run while it allows me to achieve growth in the long run.

2022年6月6日

交易結束：達到停損點

Didnt expect we were gonna blast to the stop straight but this huge move was expected, just not the way I expected it.
Taking this note again, the midline does not hold well.

If BTC can close above 32.4k on daily basis, then we may see higher moves later. else, nothing major has broken. Patience game on.