Bitcoin catching a little lift here, still holding at the 113 extension of our previous range, and breaking out of the local consolidation.
Watching 17600, and 18900 as 2 local range targets, with 18900 being confluent with the POC on the volume profile. If we break about these levels, id look next to the .618 around 20,700 for the potential of a bull trap reversal. This isnt my general expectation, but being cautious of course until we get a greater confirmation of further upside.
ADX Bear trend has almost completely reset and possibly heading toward a bullish flip.
RSI seems to be rejecting the Bull control zone, a pull back to 16,600 to backtest the break of that supply wouldnt be wierd and would give us a proper checkback of the 55ema.
Money flow is curving upward as well at the completion of the .50 ABCD at the 200% extension.
This would be considered an extreme level, and still supports the idea of this being a 1.13 beartrap / spring level.
Risk management is important, but there is the potential for a nice low risk trade here!
Watching 17600, and 18900 as 2 local range targets, with 18900 being confluent with the POC on the volume profile. If we break about these levels, id look next to the .618 around 20,700 for the potential of a bull trap reversal. This isnt my general expectation, but being cautious of course until we get a greater confirmation of further upside.
ADX Bear trend has almost completely reset and possibly heading toward a bullish flip.
RSI seems to be rejecting the Bull control zone, a pull back to 16,600 to backtest the break of that supply wouldnt be wierd and would give us a proper checkback of the 55ema.
Money flow is curving upward as well at the completion of the .50 ABCD at the 200% extension.
This would be considered an extreme level, and still supports the idea of this being a 1.13 beartrap / spring level.
Risk management is important, but there is the potential for a nice low risk trade here!