Position: Leaning Bearish
BTC is interesting as we are just moving sideways in this 8,800 range. If we continue sideways, we could finish forming this pattern. We can use this pattern either for a break up, or break down. Doesn't matter.
If we break up, you will want to look for a break of the 9k area for a move to 9,500. We do start moving into this resistance zone above 9k so we will want to keep a close eye on it.
I am leaning bearish because we have MACD leveling off on the daily, and RSI kinda hit oversold territory and is moving back down.
On the lower time frames, MACD has crossed and some of them are in negative territory.
If we break down, we need to look for a solid break of $8,600 for a move to the 8k area and from there you should be able to flip it.
I wouldn't bother trying to trade it in this consolidation range, risk to reward isn't there IMO, whereas on ETH it has a little bit better ratio for a potential range play.
Happy Trading,
-Sherem
BTC is interesting as we are just moving sideways in this 8,800 range. If we continue sideways, we could finish forming this pattern. We can use this pattern either for a break up, or break down. Doesn't matter.
If we break up, you will want to look for a break of the 9k area for a move to 9,500. We do start moving into this resistance zone above 9k so we will want to keep a close eye on it.
I am leaning bearish because we have MACD leveling off on the daily, and RSI kinda hit oversold territory and is moving back down.
On the lower time frames, MACD has crossed and some of them are in negative territory.
If we break down, we need to look for a solid break of $8,600 for a move to the 8k area and from there you should be able to flip it.
I wouldn't bother trying to trade it in this consolidation range, risk to reward isn't there IMO, whereas on ETH it has a little bit better ratio for a potential range play.
Happy Trading,
-Sherem
Comment:
And as always, please smash that like button if this gives you some ideas
Comment:
and I swear that head and shoulder green neck line was level when I drew it on there....
Trade active:
Filled just above 9k
Trade active:
If we continue up, this 9200 area should provide the support do it. We are in this heavy resistance zone though, putting a tight stop on this just below to lock in profits.
Trade closed: stop reached:
Stop hit, out with some profit. I am fine with getting out of this trade until we find more direction. On the 1 hour chart, we have just created a lower high. Something to be mindful of, all though it could be a bull flag. Either way, the play for me is over.