Bitcoin just had a nice up move, so I assume we just started a new uptrend cycle.
On the chart we can see a newly formed bull flag, but sure enough it cant go up forever.
We need some support and retracement before we can move up again.
Last time we had a dip on April 6 and it then perfectly returned into the black channel.
Then we had another dip and it followed the red channel.
Now we have a bull flag that failed to close above the long term down trend channels.
So with certainty, we can say that BTC will searching for support lower.
Here we have quite a few options: 0.382 retrace, 7465, black and finally red channel.
The grey lines are obviously resistance trend lines.
We'll have to wait for a few more candles to print so we can get a clear sense of direction.
If its clear that we are back in red or black channel, I'll look to open entries around the fibo levels.
No need to be greedy, stop loss a level lower, tp a level higher, or use trailing stop.
If anything I wouldn't risk shorting right now, because it can find support at any point,
Unless it closes below the red channel though then we will have to reevaluate the situation.
On the chart we can see a newly formed bull flag, but sure enough it cant go up forever.
We need some support and retracement before we can move up again.
Last time we had a dip on April 6 and it then perfectly returned into the black channel.
Then we had another dip and it followed the red channel.
Now we have a bull flag that failed to close above the long term down trend channels.
So with certainty, we can say that BTC will searching for support lower.
Here we have quite a few options: 0.382 retrace, 7465, black and finally red channel.
The grey lines are obviously resistance trend lines.
We'll have to wait for a few more candles to print so we can get a clear sense of direction.
If its clear that we are back in red or black channel, I'll look to open entries around the fibo levels.
No need to be greedy, stop loss a level lower, tp a level higher, or use trailing stop.
If anything I wouldn't risk shorting right now, because it can find support at any point,
Unless it closes below the red channel though then we will have to reevaluate the situation.