TheChartGuys

BTC Daily RSI Equilibrium

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC forming a tightening range on the daily with a higher low trying to form to put us back in a tightening pattern.
Remember the last time the bulls had any conviction with to start April and the bull move started after a daily equilibrium.
Looking for clear break Thursday or Friday. Bulls still have proving to do and the bears have favor in this pattern until then.
Bulls still not seen two green days in a row in over a week.
A bull break will put us right into daily EMA resistances, which will be a very key test for follow through.
BTCUSDLONGS are increasing and shorts decreasing the last few days.
Remaining patient and aware that when this break occurs, it will likely happen all at once and out of nowhere.
This is a scenario where a trade could establish a starter position within the tight range and just keep a stop loss for a bear break.
I do this when I dont want to have to chase and try and fill a full position on the way up.

Comments

Bulls got to do a lot of work. Else a test of Sept high is more likely over next few weeks. Here is why.
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The Road to the mixed signs land!
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Great post. Thanks for sharing.

Looking forward to the bull break.
+1 Reply
And the rsi is bullishly diverging on the price! It will probably be easier to see an entry opportunity on this divergence since there is a tightening pattern in play.
+1 Reply
Thank for the mornin update good Sir!
+1 Reply
Thanks
+1 Reply
Thanks!
+2 Reply
Thank you
+2 Reply
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