BTC LTF MSB Short Setup
2024-10-02

BTC LTF MSB Short Setup:

Looks to be the same kind of setup like the other two where you get the HL structure - HH structure- LL structure - LH structure;

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I'm a bit sceptic about the following things:

- Price didn't immediately break through the structure like it did in the examples, though this could be because this HL structure is way bigger  (more support so reaction to upside so no immediate breakdown);

- I'm afraid that price, when it goes back up to form the LH structure, just goes back to the highest high to create an SFP which would hit my SL. I'm afraid of this because the highest high isn't already an SFP (otherwise this would just be straight up $ NASDAQ:CASH $$). To mitigate the chances of this happening I'm going to wait for 1) the dip in the LH structure or 2) an obvious SFP in the LH structure. I have to add though that on the two examples price never formed a SFP at the highest high and still you got the LH.

I'm expecting scenario 1 because this is how it went in example 1 and this overall structure looks a bit similar to that one (111) but you ofcourse never know.


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Maybe a bit soon to create the whole thought process as price likely needs a bit of time before it goes back up for the LH so the real structure could therefore look way different than the scribbling but I just have to show my two followers real quick how good I am at reading BTC (L-taking in the making?).
