Hi guys, welcome back!
I'm delighted to say that if you followed my last post on here where I predicted a short term sell for BTC/USD, you'd have bagged some profits as price hit the three Take Profit Points I marked out. So, I'd be doing something similar today. Leggo!
TimeFrame: H1
Tools:
Rectangular Box: Balance Zone
Green Line: Dynamic Support
Blue Line: Control Point
From the above picture, it is clearly visible that price tried so hard to break the marked (balance) zone which it did but wasn't able to stay out of it for a long time before falling back into the zone. From trading psychology, you'd know people are not willing to buy BTC outside the zone.
Taking a close look at the zone, errr... you might not even need to takr a close look, it's obvious actually. "The blue line" somewhere in the middle of the zone. That was used to point out the point of control of the price. All balance zones have that.
Taking another look at what's going on in TradingView, I could see that... Wait, lemme get that for you.
I was able to draw a down trendline picking atleast 4 wicks and using a neoclassical method to confirm the trend.
Picking a side..
I bet you already know my pick on this but I'll act as if you don't. Today again, I'll enter a sell once I see a hammer, a gravestone doji or a bearish inside bar which is currently forming on H4 or maybe now, if I'll be busy in the next few hours.
By the way, the reason for my position;
Downtrend; the trend is your friend.
Price; currently at the entry zone for a sell
Neoclassical qualification of trend; Passed!
Just in case anything goes wrong, I'll close the trade once a long candle forms and closes outside the trendline.
My TPs would be: $8740, $8558 and $8400.
Disclaimer: This is not a trading advise and I won’t be held accountable for any losses incurred during trading.
Safe Trading!
