Two Possible Scenarios for Bitcoin and Two Trade Ideas
If we compare Bitcoin’s PA to the two previous impulses, we have two possible scenarios. Both scenarios have nice confluence and at the moment they are both likely.
Scenario A:
The first scenario is based on the first impulse and correction between January and March 2023. This scenario includes a sweep below the range to gather liquidity followed by a push above the range high and a correction. Support for this scenario is the 0.382 fib retracement at 28,739 USDT. Resistance for this level is 32,482 USD.
Scenario B:
The second scenario is based on Bitcoin’s PA between March and June 2023. According to this scenario, there is no sweep of the lows. Instead, there is a direct push to the 33K resistance level followed by a correction.
Trading Plan:
The plan is simple, and it hasn’t changed from my previous Bitcoin idea. If Bitcoin deviates below the range low, I will buy at the 28,700 level and sell above the range high. If there is no sweep below the range low, I will take profit above the range high and possibly short the 32.5K – 33K level.
Long Trade Idea:
Short Trade Idea:
NFA
What do you think? Please share in the comments
Best Wishes.
Scenario A:
The first scenario is based on the first impulse and correction between January and March 2023. This scenario includes a sweep below the range to gather liquidity followed by a push above the range high and a correction. Support for this scenario is the 0.382 fib retracement at 28,739 USDT. Resistance for this level is 32,482 USD.
Scenario B:
The second scenario is based on Bitcoin’s PA between March and June 2023. According to this scenario, there is no sweep of the lows. Instead, there is a direct push to the 33K resistance level followed by a correction.
Trading Plan:
The plan is simple, and it hasn’t changed from my previous Bitcoin idea. If Bitcoin deviates below the range low, I will buy at the 28,700 level and sell above the range high. If there is no sweep below the range low, I will take profit above the range high and possibly short the 32.5K – 33K level.
Long Trade Idea:
- Entry: 28,740 USD.
- SL: 27,900 USDT.
- Target 32,500 USDT.
- TP: 31,500, 32,500 USDT.
Short Trade Idea:
- Entry: 32,500
- SL: 33,100
- Target: 28K
- TP: 31.5K, 30.5K, 29.5K, 28.5K, 28K.
NFA
What do you think? Please share in the comments
Best Wishes.
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