BTCUSD was silent since last couple of months and awaken up now. If you remember the last BTCUSD chart then i hope you remember that we were having a very nice descending and we were anticipating wave in that . Finally we have go that wave but it took a lot of time.
We are still in that pattern and we still can see one more drop before final rise on the Monster.
How you can trade on this chart.
1. It is forming correction thats correction needs to finish first and should break up sharply for then next wave. So once price break up sharply then look for buy and continuation. Your reason to stay in that is it should continue after breakup if dont then take off and wait for the new low for longer term buy.
2. Wait for the price to hit the bottom or new low then look for buy. If you are looking for heavy buy for longer term then let the price forms new low or at least let it hit the bottom again for buy.
Buying without correction completion and on corrective breakout carry risk so make sure you buy only solid and strong breakout and correction completion. If dont know what kind of correction should look like before you consider breakout then wait for the update.