This is how I'm looking to play with BTC for this week. With the previous week's candle closing as a spinning bar and this week's downfall, we should see a retest of the lower trendline @8350-8400 in coming two weeks, unless the current uptrend trendline is respected once again and price reclaims the red line support.
My plan next:
1. Bullish case: Price falls below trendline and is bought back up, eventually reclaiming red support, I'll go long with a good risk:reward
2. Bearish case: Price falls below trendline and gives a 4hr close below 9450 or lower, I'll go short targeting 8400-8500 mid term.
With Bullish divergences on Daily RSI, we could break up also, however I'll wait for confirmation as explained above.
My plan next:
1. Bullish case: Price falls below trendline and is bought back up, eventually reclaiming red support, I'll go long with a good risk:reward
2. Bearish case: Price falls below trendline and gives a 4hr close below 9450 or lower, I'll go short targeting 8400-8500 mid term.
With Bullish divergences on Daily RSI, we could break up also, however I'll wait for confirmation as explained above.
