$COLLECT This wave leans more towards a 'weak consolidation followed by a continuation of the downtrend'.
In terms of trading:
Consider light short positions around 0.0572—0.0575,
with a stop-loss above 0.0591.
Initial target is 0.0560,
further targets to watch are 0.0552—0.0538.
Given the current structure, it's highly probable we're still in a bearish rhythm.
The daily chart hasn't really turned bullish, and the overall structure remains range-bound, lacking breakout momentum. The 15-minute RSI is hovering around 55, but it's clearly starting to stagnate; the bullish strength isn’t strong.
More importantly, the 1-hour ATR continues to contract, indicating that the market is brewing a potential shift. Often, these pullbacks following a contraction can easily turn into a trap for the longs.
#COLLECT #BTC
In terms of trading:
Consider light short positions around 0.0572—0.0575,
with a stop-loss above 0.0591.
Initial target is 0.0560,
further targets to watch are 0.0552—0.0538.
Given the current structure, it's highly probable we're still in a bearish rhythm.
The daily chart hasn't really turned bullish, and the overall structure remains range-bound, lacking breakout momentum. The 15-minute RSI is hovering around 55, but it's clearly starting to stagnate; the bullish strength isn’t strong.
More importantly, the 1-hour ATR continues to contract, indicating that the market is brewing a potential shift. Often, these pullbacks following a contraction can easily turn into a trap for the longs.
#COLLECT #BTC