Opinions about the BTC are still widely mixed and I'm undecided until a few things happen. The first thing I would say is 'if'. I will only enter this trade 'if' 2 things happen:
1. The short term up trending support needs to fail, and... 2. Trend Signal need to provide a sell signal
Even then, I will keep a tight stop above up trending support (marked on the chart). X Meter is rolling over, but it is sort of 'flat'. I think we have a lot more upward potential long term than bearish. However, as long as we control risk exposure, we should be able to catch a nice move down to the next cycle point up. As always, patience and risk management will win the day.
Going long from these levels seems too risky. Hence my short setup, but I will look for an entry long after a nice consolidation or pullback.
Comment
⋅
The Trend Signal alert came, but I was hoping for a little more of a pullback, so I missed this trade. Hopefully some of you caught it.