I usually do not publish on shorter time frames as the volatility is too hard for me to play with my professional finance job and personal life etc.
That said, I am expecting a fight between $9700 to $10k. Clearly the bulls want to make this an inverse H&S, and the bears want to crush this zone to the downside. I am leaning bearish short term only because we hit $9,800 and almost no bounce in sight. That said, the sell-off has been rather muted, not like the aggressive sell-offs of the past, and that usually leans in the bulls favor.
Most traders would say wait for confirmation one way or the other. I am not doing that. Let me explain:
$9,800 is not a bad entry point for a long if you are willing to take a hit on a stop. If we fall below $9,700, game over for the Bulls. Then I will plan to reverse the position to the downside and collect my stop loss + profit down to $9K, or, I believe $8K and below. Have waited 10 days for this set-up which has played out perfectly.
Good luck trading.
That said, I am expecting a fight between $9700 to $10k. Clearly the bulls want to make this an inverse H&S, and the bears want to crush this zone to the downside. I am leaning bearish short term only because we hit $9,800 and almost no bounce in sight. That said, the sell-off has been rather muted, not like the aggressive sell-offs of the past, and that usually leans in the bulls favor.
Most traders would say wait for confirmation one way or the other. I am not doing that. Let me explain:
$9,800 is not a bad entry point for a long if you are willing to take a hit on a stop. If we fall below $9,700, game over for the Bulls. Then I will plan to reverse the position to the downside and collect my stop loss + profit down to $9K, or, I believe $8K and below. Have waited 10 days for this set-up which has played out perfectly.
Good luck trading.