A Simple Ranging Trade Strategy

BITFINEX:BTCUSD   Bitcoin / Dollar
60 0 0
We've bounced off R2, tweezer tops with engulfing bearish candle.

1hr: PSAR confirms a trend reversal, MACD has crossed, Stoch crossed from overbought and closed below 50, RSI looks to follow. These outweigh the oversold value of the StochRSI, which seems like a fickle oscilator and here probably only indicates that we are seeing the price consolidate for a moment.

4hr: Looks like we're starting a Bollinger bounce, all leading indicators overbought, and most have been for too long. MACD lines converging.

Other thoughts: I guess that's what you'd call an Elliot wave extension. I'd think it's about time for retracement, and the price channels say there is no better time for it. Oh, the top line is from the large descending triangle of the 1 day chart, the second line is one possible bottom of the triangle, and the next line is the bottom part of the descending triangle using the lowest candle wick. The partially visible line on the very bottom is for if it's a descending wedge instead of a triangle.

If anyone wants to drop some hints I'd really appreciate knowing if I'm using any indicators inappropriatly :)
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