We rejected the trendline which was in confluence with the fib golden level as expected, giving us a nice scalp trade on the short side.
Now, we see high volume after the bounce from 31k indicating this is a short squeeze, on the LTF chart we can see the formation of higher lows and higher highs.
Looking at the swing trades now, we are waiting for a long entry price on the LTF at the fib golden level at 37k,of course give it a bit of slack as we can go quickly below it to 36.8k for example and then shoot back up. If we break below 36.5k we could turn bearish.
Trade: long 36.8-37k
Target for now is 42k
Support 36.6k, SL below it
Any questions?
Good luck traders
Remember not to break your rules
Habib
Now, we see high volume after the bounce from 31k indicating this is a short squeeze, on the LTF chart we can see the formation of higher lows and higher highs.
Looking at the swing trades now, we are waiting for a long entry price on the LTF at the fib golden level at 37k,of course give it a bit of slack as we can go quickly below it to 36.8k for example and then shoot back up. If we break below 36.5k we could turn bearish.
Trade: long 36.8-37k
Target for now is 42k
Support 36.6k, SL below it
Any questions?
Good luck traders
Remember not to break your rules
Habib
