BTCUSD is fast approaching a support area after breaking out from a squeezing triangle. A bounce from here would ensure further upside. However, a break below here would signify downside movement given that price is ALREADY trading below 100 and 200 MA on H1 timechart at time of writing. I will await for the current and next candle close on H4 before deciding on my next move.
I'm favoring a long position, but no trades yet.
I'm favoring a long position, but no trades yet.
Comment:
A doji bar closed above the support. Price could still go either way, we'll have to wait for more confirmation. Time for bed. Won't be updating till next day (9/1) 10pm SGT. Hope all goes well on your side if you decided to trade it!
Trade active:
I have went long on the bounced off of support. If the next H4 candle is a momentum bullish candle, this would confirm further upside for Bitcoin (for the time being).
Trade closed manually:
Long trade was closed with loss. Entered short and closed in profit. I'll wait to see whether or not price rejects the yellow line. If it does, I might enter short again.