During the previous downside, the extreme stops (12,500 range) were targeted two times until it opened the possibility a momentum breakout trade. In this downside, Bitcoin just experienced a similar move where the extreme stops were hunted two times. (10,000 range)
What can you do?
- Be very patient, a breakout should always be confirmed by a retracement so you guys can confirm an entry position.
- If the breakout fails, an even stronger down move may occur where you can put stop losses at the 9285 level (the lowest price level it got to/the wick). Downside target could be the 1.618 level just like how the the first downward move played out.
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