So first of all this is no trading signal for going long or short. This is me who has been analyzing the BTC market and have decided not to trade right now as this falls outside my trading plan. I only trade patterns that i feel comfortable with and where my Risk Reward ratio is good. In this case i feel like i am playing against people i don't want to play against.
The reason why i am not trading this is because BTC has shown some Higher Highs (HH) and some Higher Lows (HL) and so far it ended with a Lower High (LH). Could it still build up a HH? Yes, but there is also a big chance that this LH that has been formed will start a downtrend, Even though i drew an upcoming 5th elliot wave.
The good thing about BTC now is that on the DAY-frame it shows it's above all the MA's (20,50,100,200) and on the 4H frame it shows it's still bouncing around the 20MA. Bitcoin has shown it in previous price action that it wants to test out the previous highs of 10k and 11.7k. The stoch RSI on 1H-4H frame shows there is space to the upside and the RSI is actually kind of Neutral. W'll have to see what happens!
My end prediction on what i think Bitcoin is goin to do, is that it will blow my mind again with some weird manipulative move and i'll be thanking myself later on and saying "glad i didn't trade that". I make profits, i don't care if i miss opportunities and i don't trade fomo!
Best regards,
Ylo
The reason why i am not trading this is because BTC has shown some Higher Highs (HH) and some Higher Lows (HL) and so far it ended with a Lower High (LH). Could it still build up a HH? Yes, but there is also a big chance that this LH that has been formed will start a downtrend, Even though i drew an upcoming 5th elliot wave.
The good thing about BTC now is that on the DAY-frame it shows it's above all the MA's (20,50,100,200) and on the 4H frame it shows it's still bouncing around the 20MA. Bitcoin has shown it in previous price action that it wants to test out the previous highs of 10k and 11.7k. The stoch RSI on 1H-4H frame shows there is space to the upside and the RSI is actually kind of Neutral. W'll have to see what happens!
My end prediction on what i think Bitcoin is goin to do, is that it will blow my mind again with some weird manipulative move and i'll be thanking myself later on and saying "glad i didn't trade that". I make profits, i don't care if i miss opportunities and i don't trade fomo!
Best regards,
Ylo
