BTC 1-Hour Chart

We saw a big drop in the BTC market. It almost hit the 102K level, then quickly recovered. But now, the issue is we need to fill this wick either fully or 50%. If the market fills 50% of it, we could go back to 107K.

So, let’s plan our trade for this move. On the chart, we’re trading at 111K to 111.5K. We’re forming weak highs and weak lows on both sides: poor highs at 112.6K to 113.7K, and poor lows at 109.5K to 109K. This means short-term stops are building there.

From my analysis, there’s a good chance we’ll first push up from the trendline, hit the poor highs, and test the 200 EMA. For me, I’m taking a scalp long trade with a second entry. I want to enter at 109K and aim for a sweep to 113K.

Keep in mind, this is a very risky setup.