Good Morning guys…3 hours sleep tends to make you feel more energized. I will no doubt be catching up with sleep later on…
Bitcoin…..Interesting behavior. Lets not dive into why bitcoin has done this move, but understand something that requires you to approach this with an open mind.
Notice how the market makers hit the lows of the session 3 times…Is this move the final extension to the level 3 rise? Have we finished seeing higher prices? Although our projection point of 60k is nearby,this fast move is to either trigger the longs, and take out the shorts that may have been formed at the lows.
The great thing about confirmation is this. Notice how price needed to break below the previous red candles, to effectively confirm that we would see lower prices. Look at how price came ever so close, yet didnt break below it, so no entry confirmation.
In this situation how could you prepare for a move like this?
You can’t….But having an understanding of the cycle, increases the chances of you being on the right side of big moves like this. The chances of being against a move like this are slimmer when you have the cycle in the back of your mind…You are continuously saying to yourself….”Level 3 rise peak formation”….
Will this big move take out 60k? Will the retrace occur like a falling rock?
We simply wait for confirmation….
Add Caution to Caution.
Trade Well My Friends