I posted a BTC/USD analysis earlier yesterday, but forgot to point out something highly important, and that is the fact that what do we do after we break structure? Where should we be looking for the correction before the buy? What is the exact area we know for sure?
At current, price is resisting at the 50 moving on the 4 hour chart. This is likely a good resistance area where Bitcoin will correct, and retest the side-wards resistance as a new support.
Price will now likely test the side-wards resistance as a new support level, and then we will see price go to the upside target at 12130.
I am expecting Bitcoin to get back up to the higher levels soon.
Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.
If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.