With this recent short in BTC I am looking out for the following:
1) BTC closes back above my short term trend line and continues to follow it back towards the next resistance zone around 48k. This means that a fake out would have occurred below my short term trend line using the 4h chart.
2) The previous bullish 4h bars is merely a retest on my short term trend line before continuing downwards towards my long term trend line.
3) Looking at the daily bar, it is currently making a big rejection from the downside. If the daily bar manages to flip bullish I expect a quick push to the upside and BTC may even move back above the 46k level.
Overall I am still very bullish on BTC as this is merely a necessary retracement for BTC to continue upwards in the long term.
1) BTC closes back above my short term trend line and continues to follow it back towards the next resistance zone around 48k. This means that a fake out would have occurred below my short term trend line using the 4h chart.
2) The previous bullish 4h bars is merely a retest on my short term trend line before continuing downwards towards my long term trend line.
3) Looking at the daily bar, it is currently making a big rejection from the downside. If the daily bar manages to flip bullish I expect a quick push to the upside and BTC may even move back above the 46k level.
Overall I am still very bullish on BTC as this is merely a necessary retracement for BTC to continue upwards in the long term.