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BTCUSD H2: SHORT IT TP BEARS 37 000 USD (SL/TP)(NEW) IMPORTANT NOTE: speculative setup. do your own due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup ::: BTCUSD 2hour chart review ::: for now we are locked in range ::: upside limited by fresh supply ::: re-distribution sequence in progress ::: BEARS will target 37 000 USD re-test soon ::: BULLS might look for a BOUNCE later ::: BEARS focus on selling rips/rallies ::: limited upside as we are headed ::: into infrastructure BILL vote ::: no positive catalysts incoming ::: therefore expecting more losses ::: to complete the sequence ::: near 35 000 / 30 000 USD later ::: expecting complex correction however ::: beyond 30 000 downside is LIKELY LIMITED ::: 30 000 USD strong / confirmed S/R ZONE ::: recommended strategy: BEARS SHORT RIPS/RALLIES ::: as always DO YOUR OWN DUE DILL ::: correction not over yet ::: good luck traders! 🔸 Supply/Demand Zones ::: 44 000 / 45 000 USD fresh supply zones ::: 30 000 / 35 000 key S/R BULLS 🔸 Other noteworthy technicals/fundies ::: TD9 /Combo update: N/A ::: Sentiment mid-term: BEARS/PULLBACK ::: Sentiment short-term: BEARS/PULLBACK
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Analysis: We're allowing for the possibility the recent wave 2 of (5) correction ended at 39656.42 earlier this last week. Confirming price action would ultimately come with BTC's ability to exceed 48791.96. A move above here would rule out a continuing correction in wave 2.
Bottom Line: Watching for evidence of a wave 2 bottom.
Outlook: It's possible to consider the wave 2 low in place at 39656.42. However, we'll want to see BTC exceeding the 48791.96 key level in a five-wave pattern to bolster the case. A larger double zigzag correction for wave 2 can't be ruled out unless BTC can exceed this key level.
Analysis: The current recovery is looking increasingly like a corrective retracement, which cautions us not to be too bullish until we see the corroborating price action. The Alternate double zigzag count for wave 2 remains very much under consideration unless we see stronger five-wave advances that aren't easily sold into. Pullbacks should also be corrective.
MMBTtrader
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Amazing work here! thanks for sharing
Traderwell
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didn't worked idea
Traderwell
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something went wrong
v184
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Just point the arrow on the other side and this chart would be accurate ;)
SJS0772
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Your IDEASs are WHACKED!
CobraVanguard
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I like your idea!
PolarHusk
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Nice potential range area for BTC. thanks for sharing.