Shortly after my update, BTC did a swing failure pattern of the VAL, again touching the daily at 32,862 almost to the exact dollar, then coming back down to close under the VAL.
Price now also closed below the VAL on the 4H chart, completing the SFP on a HTF as well.
Now I expect consolidation until tomorrow, so I wouldn't look for trades until tomorrow, as I believe BTC needs a bit of time to consolidate.
Looking at this move, we certainly have a decent amount of longs trapped at the highs, so this SFP has a decent chance of being the high.
So no trades for now, wait until tomorrow, if BTC starts losing important support levels (31.1k, 30.5K), look for shorts.
If BTC holds those support levels, look for longs. We are also still looking for the reclaim of the VAL for a confirmation of the move higher.
Any questions?
Good luck traders
Remember not to break your rules
Habib
Price now also closed below the VAL on the 4H chart, completing the SFP on a HTF as well.
Now I expect consolidation until tomorrow, so I wouldn't look for trades until tomorrow, as I believe BTC needs a bit of time to consolidate.
Looking at this move, we certainly have a decent amount of longs trapped at the highs, so this SFP has a decent chance of being the high.
So no trades for now, wait until tomorrow, if BTC starts losing important support levels (31.1k, 30.5K), look for shorts.
If BTC holds those support levels, look for longs. We are also still looking for the reclaim of the VAL for a confirmation of the move higher.
Any questions?
Good luck traders
Remember not to break your rules
Habib
