BTC - 4H outlook
Yesterday we posted a potential scalp long opportunity based on the 1H timeframe. So far this theory does hold true with our 4H RSI maintaining its slight bullish divergence.
But I will caution you. On the 4H, price action has been maintained in a large parallel channel. This has identified multiple bottoms and tops (green and red arrows). After our drop today we have broken below it and the bottom of our channel has been acting as resistance. This could indicate the start of a larger breakdown over time. Therefore I will no longer be looking for long but good opportunities to short any rips instead. Not looking for shorts now due to the oversold nature of the RSI, but because of the recent news and onchain data that has been revealed today; this is a no trade zone for me. The likely hood of price falling is now much higher, but not a good RR trade based on the oversold nature of the lower timeframes. Our doji on the monthly still indicates we will have a bloody March, but for now it seems better to wait on the sidelines until the next pattern forms.
But I will caution you. On the 4H, price action has been maintained in a large parallel channel. This has identified multiple bottoms and tops (green and red arrows). After our drop today we have broken below it and the bottom of our channel has been acting as resistance. This could indicate the start of a larger breakdown over time. Therefore I will no longer be looking for long but good opportunities to short any rips instead. Not looking for shorts now due to the oversold nature of the RSI, but because of the recent news and onchain data that has been revealed today; this is a no trade zone for me. The likely hood of price falling is now much higher, but not a good RR trade based on the oversold nature of the lower timeframes. Our doji on the monthly still indicates we will have a bloody March, but for now it seems better to wait on the sidelines until the next pattern forms.
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