Bitcoin (BTC) - Edition #3

Let's review two possible long scenarios. We still need to be cautious as every block of weekly resistance has been rejected since the March high.

As the weekly has shown its hands, the bears are still active, each long entry should be a follow-through to a positive reaction. Not a time to blindly bid on support as the bears continue to control this trading range.

It should be noted if the bulls want something similar (as the rejections from the weekly bocks for bears), then $61,555 has to act as support. Otherwise, this was just a dead cat bounce.

Bears defending every weekly block

Possible Long #1

Wait for a break below $63,000 and act once it regains that level. If it manages to stay within $61-63k it will be even better.

No deviation means no trigger. Be patient

Deviation below weekly Order Block

Possible Long #2

Another detour play at $58,700. This should be a strong/quick reaction, so be alert and move fast once price starts to move away from that area.

Only take the trade if conditions change on ltf (low time frames).

Deviation below weekly swing low

Both plays need positive follow-through, so be prepared to pull the trigger once the levels recover.

Disclaimer: This content was originally published on Zelf Trade.