optionsswing

Bitcoin - Time for a Higher Low

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin has given us a a 40% rally from the lows in this most recent correction.
Market structure has shifted bullish by giving us a higher high. We have not yet been given confirmation with a higher low.

It has formed a daily SFP (Swing Failure Pattern) by wicking above previous structure and closing below as a bearish hammer.
This is a perfect opportunity to fill some structure below and give us a higher low.

Targets I am looking for a bullish pullback to are as follows:
  • Light pullback @ 40-42k
  • Deeper pullback at 38-39k

This idea is invalid if we begin to close the daily above $44,500 - we likely continue higher if so.

In times like this it helps to zoom out - $BTC is in a macro correction that cannot be properly traded on a 15 min chart. Long term swings need long term charts. I am still macro bullish on this asset class - but a 40% rally needs to fill some inefficiencies before it can move higher.

- Will, OptionsSwing Analyst

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