Bitcoin - Possible bounce @ 6000 psychological support

Looking at BTC's previous corrections from all time highs, it usually takes around 72 hours for the correction to end and a bounce / market switch to set in. In this case, 72 hours from now will be Monday morning in Shanghai. So let's see if time frames can be of any help in BTC. Will update on entry and stop if I do go in.

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18h left til market switch

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Double bottom at 6450, if it breaks we could be heading down to 6k

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There it goes. Now waiting for 5900-6000 to buy

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Patiently waiting on this, entry at 5930-6000 area, stop at 5832

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Edging closer and closer

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bounce and retesting 6450's

should be a bit of resistance here, and then down to our entry - we hope

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If we head above 6550, we might have to re think getting in at 6k. We're still okay now, price is currently 6430

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there's the 6450 resistance after the restest

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Price came a lot lower than expected, did not open the trade

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So, in conclusion, our time analysis was correct, the only problem was, the buy area was set too tight. With less leverage, a wider stop, and more patience when scaling into the position, this trade would have done well.

Until next time