BTC Still Keeping Us Waiting! - What Happens Next?
Ahoy Traders, We've got another BTC DAILY UPDATE Coming at you!
BTCUSD
Not a lot to report from yesterday, we still haven't had any price action even after the futures close which was interesting. Historically we've seen some movement in anticipation to the close and on the close we get the biggest action but yesterday, we had barely anything!
We don't see this as a good thing because it can indicate a stale market, which can be bad in the short term.
Today's daily has wicked down and bounced on the 50% fib line, which was kind of an expected move to test those fib retracement levels.
However, we are still currently holding above the 38 line but with yet another spinning top, it's providing doubt and uncertainty of the direction to come.
Until we see some bigger moves we will most likely trickle down to test the 618 before really making a decision on the short term direction.
For us, we're still pretty bearish in the midterm and believe we haven't tested new all-time lows for the year just yet.
What is interesting though this is our forth bearish column on the volume indicator, we don't often see that many bearish volume columns in a row so if we touch down on the 618 we may see some bullish volume take control temporarily with a spike to maybe test that current high around 3700, but without decent volume it may be rejected pushing us back lower.
Some times its not about predicting whats going to happen to base your trades on, some times its more about having an idea of 2 possible scenarios, having a plan in place for both and waiting for the market to react for you to put your plan into action.
Up or Down there are always opportunities
What are you seeing on BTC currently and in the near future? Would love to hear your thoughts below!
Join Hundreds of Others Traders in our friendly online community over in Discord
discord.gg/MU2Pqha
Or visit us online for blogs, updates, articles and our weekly podcast with traders and industry players from around the world
www.unitytradinggroup.com
Have a great day!
BTCUSD
Not a lot to report from yesterday, we still haven't had any price action even after the futures close which was interesting. Historically we've seen some movement in anticipation to the close and on the close we get the biggest action but yesterday, we had barely anything!
We don't see this as a good thing because it can indicate a stale market, which can be bad in the short term.
Today's daily has wicked down and bounced on the 50% fib line, which was kind of an expected move to test those fib retracement levels.
However, we are still currently holding above the 38 line but with yet another spinning top, it's providing doubt and uncertainty of the direction to come.
Until we see some bigger moves we will most likely trickle down to test the 618 before really making a decision on the short term direction.
For us, we're still pretty bearish in the midterm and believe we haven't tested new all-time lows for the year just yet.
What is interesting though this is our forth bearish column on the volume indicator, we don't often see that many bearish volume columns in a row so if we touch down on the 618 we may see some bullish volume take control temporarily with a spike to maybe test that current high around 3700, but without decent volume it may be rejected pushing us back lower.
Some times its not about predicting whats going to happen to base your trades on, some times its more about having an idea of 2 possible scenarios, having a plan in place for both and waiting for the market to react for you to put your plan into action.
Up or Down there are always opportunities
What are you seeing on BTC currently and in the near future? Would love to hear your thoughts below!
Join Hundreds of Others Traders in our friendly online community over in Discord
discord.gg/MU2Pqha
Or visit us online for blogs, updates, articles and our weekly podcast with traders and industry players from around the world
www.unitytradinggroup.com
Have a great day!
Trade active:
BTC finding a solid stand point here around the 4000 mark which was our original target from the break out.
was hoping for a solid retracement to give us another nice entry since our exit but im not sure its going to give it to us now so changing strategy slightly.
We are forming a rising wedge on the 4hr as that 4k area is firm resistance but the bulls are squeezing us up to a decision move.
Buy stops active on the break above with a short term target around 4200 for now, which should be a fairly impulsive move.
failing to break this resistance i can see a drop back to atleast our first entry at the 38.
For now we wait and let the market tell us what she wants to do (and yes its a she cause its to hard to figure out what she is thinking some times)
was hoping for a solid retracement to give us another nice entry since our exit but im not sure its going to give it to us now so changing strategy slightly.
We are forming a rising wedge on the 4hr as that 4k area is firm resistance but the bulls are squeezing us up to a decision move.
Buy stops active on the break above with a short term target around 4200 for now, which should be a fairly impulsive move.
failing to break this resistance i can see a drop back to atleast our first entry at the 38.
For now we wait and let the market tell us what she wants to do (and yes its a she cause its to hard to figure out what she is thinking some times)
up she goes and my profit take area is done, now looking for a retrace to the 50% and a hold no lower than the 618, imo it will take a few days to play out but not as long as the last retrace as the market turns green the retailers will be getting exited.
I still have over all target pitches around 4000-4019 for the area to watch but if that level of supply is broken im looking at 4200