Two Possible Scenarios for Bitcoin and Two Trade Ideas

8 ก.ค. 2023

If we compare Bitcoin’s PA to the two previous impulses, we have two possible scenarios. Both scenarios have nice confluence and at the moment they are both likely.
Scenario A:
The first scenario is based on the first impulse and correction between January and March 2023. This scenario includes a sweep below the range to gather liquidity followed by a push above the range high and a correction. Support for this scenario is the 0.382 fib retracement at 28,739 USDT. Resistance for this level is 32,482 USD.

Scenario B:
The second scenario is based on Bitcoin’s PA between March and June 2023. According to this scenario, there is no sweep of the lows. Instead, there is a direct push to the 33K resistance level followed by a correction.

Trading Plan:
The plan is simple, and it hasn’t changed from my previous Bitcoin idea. If Bitcoin deviates below the range low, I will buy at the 28,700 level and sell above the range high. If there is no sweep below the range low, I will take profit above the range high and possibly short the 32.5K – 33K level.
Long Trade Idea:

• Entry: 28,740 USD.
  
• SL: 27,900 USDT.
  
• Target 32,500 USDT.
  
• TP: 31,500, 32,500 USDT.
  

Short Trade Idea:

• Entry: 32,500
  
• SL: 33,100
  
• Target: 28K
  
• TP: 31.5K, 30.5K, 29.5K, 28.5K, 28K.
  

NFA
What do you think? Please share in the comments
Best Wishes.