I do understand the overwhelming desire for this pair to climb. Not just for the holders of BTC, but for the crypto space in general, BTC takes a dump and the crypto universe follows suite, hugely annoying, but true.
But we must open our eyes to the trend this pair is currently on, and that's downward until proven otherwise. I cannot believe the chat in the rooms last week telling me that the trend was upward. Obviously you can see any trend depending on your timeframe, so always use the timeframe you trade in, it's pointless swing trading and looking at 5 minute charts!
So, I'm waiting on a confirmation of the trend, have we hit a high at 7.6 or are we going to continue on a bull run, so I am remaining sat on my hands until I receive confirmation. If we bounce of this 7.6 I'll dip into a bout of day trading on the shorts, but in the long term, I'm going to wait for confirmation of trend and hopefully we'll see blue skies ahead.
Short term: Bear
Long term: Bull
But we must open our eyes to the trend this pair is currently on, and that's downward until proven otherwise. I cannot believe the chat in the rooms last week telling me that the trend was upward. Obviously you can see any trend depending on your timeframe, so always use the timeframe you trade in, it's pointless swing trading and looking at 5 minute charts!
So, I'm waiting on a confirmation of the trend, have we hit a high at 7.6 or are we going to continue on a bull run, so I am remaining sat on my hands until I receive confirmation. If we bounce of this 7.6 I'll dip into a bout of day trading on the shorts, but in the long term, I'm going to wait for confirmation of trend and hopefully we'll see blue skies ahead.
Short term: Bear
Long term: Bull