Today we started 2nd Leg Down for BTC

16 ביולי 2020

BTC

Taking a Long from Range Low was daring thing to do but it paid off with a Scalp.

Situation is

On Daily Chart, We are in a bigger range. Pullback for Bear Leg is completed (Approximately) Bear Leg is complex so hard to get some clarity. With today's bearish action, We are starting 2nd Leg Down. I expect a strong leg down, so expecting to test near the bottom of the range. (8800-8500)

On 4H Chart and 1H Chart,
Smaller Range. We have completed 1st Leg Down and now are making a Pullback for it. It should not go up to 280 if this is the case. So 2nd Leg down is yet to come.
Those who took long from today's range low got scalping profit.

Overall - We are converging on higher time frame, mainly heading towards to range low. LTF and HTF ranges are sort of coinciding so may 8800 can be the low or 8500. (price mostly go below the previous Low)