BTC Retrace time
#BTC - After taking liquidity at two levels and a swing failure, I would expect BTC to now retrace and test lower levels. You can see there is a local mid term level at the 9880 mark and the 38 fib which needs a retest at a minimum. But then we would also expect a rounded retest of the broken ascending triangle too so we could go lower to the 61% fib.
On the larger tf, the rejection at 10100 is concerning - it would have been good to test and exceed 10200 breaking market structure and much more bullish. As it stands now we need to wait for a lower bounce - remaining above the ascending triangle (9730) gives us good traction to come back and break 10200, any lower and I will become much more bearish.
What I do like about this move though is that it is organic, unlike the 'Bart' moves we have had of late.
On the larger tf, the rejection at 10100 is concerning - it would have been good to test and exceed 10200 breaking market structure and much more bullish. As it stands now we need to wait for a lower bounce - remaining above the ascending triangle (9730) gives us good traction to come back and break 10200, any lower and I will become much more bearish.
What I do like about this move though is that it is organic, unlike the 'Bart' moves we have had of late.
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