I am neither bull nor bear. I trade what is in front of me to accumulate more USD.
This analysis shows that we approach a level that gets my attention.
1) we approach a price level close to several resistance areas. (upper trend line of the triangle, 200d moving average) as well es sell signals (TD -0.24% 9 daily sell and divergence on many different time frames)
2) Ichimoku time analysis shows that we approach an important time-level (namely day 26)
3) Longs slowly cover their positions (can be seen on the Bitfinex BTC 5.96% short / long ratio)
4) Price action speeds up
For sure, we are in a current bull trend (immediately) BUT what I am looking for is a tradable setup (LST-level signal trigger) which provides me a low risk high reward trading opportunity. If I am wrong and do not get triggered I am okay with it as I probably were wrong but lost not even a single dollar.
In short: I am looking for weakness signals within the next days. Candlestick reversal patterns, sideways price action, classical charting patterns etc. focusing on the area around 200d moving average around 8400-8700 USD area.
Once I found a setup I will trade it to the downside.if we close above 200d moving average I will stay out of the market in USD patiently waiting for another trading opportunity. (whether it is to the upside or to the downside)
Something to note which is my personal opinion: I know the SEC decision considering the BTC 5.96% ETF is around. Somewhere between August 10-17. I do not buy into FOMO green candles as I personally believe the outcome of the decision might not be bullish. There is the chance for a denial (33%- bearish news), the chance of extending time for consideration (33%- not bullish news) and an approval (33%- would be super bullish). Nonetheless, I do not think it will get approved as the underlying market is not regulated at all, tether might be a fraud and could influence the price too much. I don't say they have to deny it but i is just a personal opinion as despite other facts there are too many red flags.
Could I be wrong? FOR SURE! But I try to eliminate most of the risk by patiently waiting for a setup and (in this case a possible short trigger)
This analysis shows that we approach a level that gets my attention.
1) we approach a price level close to several resistance areas. (upper trend line of the triangle, 200d moving average) as well es sell signals (TD -0.24% 9 daily sell and divergence on many different time frames)
2) Ichimoku time analysis shows that we approach an important time-level (namely day 26)
3) Longs slowly cover their positions (can be seen on the Bitfinex BTC 5.96% short / long ratio)
4) Price action speeds up
For sure, we are in a current bull trend (immediately) BUT what I am looking for is a tradable setup (LST-level signal trigger) which provides me a low risk high reward trading opportunity. If I am wrong and do not get triggered I am okay with it as I probably were wrong but lost not even a single dollar.
In short: I am looking for weakness signals within the next days. Candlestick reversal patterns, sideways price action, classical charting patterns etc. focusing on the area around 200d moving average around 8400-8700 USD area.
Once I found a setup I will trade it to the downside.if we close above 200d moving average I will stay out of the market in USD patiently waiting for another trading opportunity. (whether it is to the upside or to the downside)
Something to note which is my personal opinion: I know the SEC decision considering the BTC 5.96% ETF is around. Somewhere between August 10-17. I do not buy into FOMO green candles as I personally believe the outcome of the decision might not be bullish. There is the chance for a denial (33%- bearish news), the chance of extending time for consideration (33%- not bullish news) and an approval (33%- would be super bullish). Nonetheless, I do not think it will get approved as the underlying market is not regulated at all, tether might be a fraud and could influence the price too much. I don't say they have to deny it but i is just a personal opinion as despite other facts there are too many red flags.
Could I be wrong? FOR SURE! But I try to eliminate most of the risk by patiently waiting for a setup and (in this case a possible short trigger)
