Hi Sive, hi everyone,
As I said i would track the trades I make, considering potential Weekly Bullish DRPO, here's an update for those who are in.
I will try to integrate
@Sive Morten new material in this analysis, so again please be very careful taking any Buy trade as there is no fundamental background yet, and that this is a contrarian trade.
Pros and cons for the trade:
The acceleration right threw the OP target around 20400 is very positive
The Double Top around 21k is negative
The K-zone we used to take position on 4H timeframe is currently being re-tested. This is crucial moment guys, this should hold if we want to save potential bullish momentum. As Sive explained, a daily close below the previous bottom would be a bad sign for bulls.
We should keep our Take Profit on the XOP Target around 21500
We now have a clear stop below the yesterday's bottom, but to prevent a wash and rince around that zone i would advice to hide your stop below the 61.8 or to manually close your position if there is a daily close below it.
On smaller Timeframe, we can see that BTC is very weak, with a sharp drop and slow reaction up. The inner downward ABCD pattern has completed its XOP target, it should react now, if it ever reacts... And indeed, to keep believing on potential success of this trade we would need a reversal figure, i drawed this reverse Head and shoulder as an example.
Hope this can be helpful, don't hesitate to correct me. Nothing really different from what sive already explained, but that should be a little support for the bulls against all those bears haha. And don't forget that on a weekly scale this could become a really juicy trade.
Regards
