I'd like to first mention that the downward breakout is only justified IF Bitcoin does the same.
What do we see? (follow the steps)
1) The high that set the downtrend.
2) Price wicking in the daily FVG that will serve as our base ('support').
3) A false breakout that is a major bearish signal, paired with the fact that BTC is in my opinion bearish too.
4) A short structure with a low taken out and retracement within a bearish FVG (in this case a 4H structure).
5) The expected dump where BTC does too.
Hopefully you enjoyed this short analysis and I wish you a lovely day!
Happy trading!! ;)
What do we see? (follow the steps)
1) The high that set the downtrend.
2) Price wicking in the daily FVG that will serve as our base ('support').
3) A false breakout that is a major bearish signal, paired with the fact that BTC is in my opinion bearish too.
4) A short structure with a low taken out and retracement within a bearish FVG (in this case a 4H structure).
5) The expected dump where BTC does too.
Hopefully you enjoyed this short analysis and I wish you a lovely day!
Happy trading!! ;)
