CarlsonCryptoTrading

Wary of a correction in BTCUSD

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
If you have a look through my posts I am quite bearish on price short term as I think we need the stock market to make its move down before we can decouple away from being correlated to DJI ( IMO ).

We have absolutely smashed through resistances in the last 24 hrs going from 7500-7600 to nearly touching 9000.

This is my revised play trade which looks at the WEEKLY PENNANT that has been forming from the 2017 BULL RUN.

My bias is towards the scenario of us rising into the trading range as specified on my chart and then going bearish .

Once we are in this range I will be looking at trading the breakout from this range (up or down) with the entry point being as soon as we cross out the trading zone. If this plays out I will keep updating the daily prices but we are going to sit on the side lines until we get into this zone.

Traditionally, from halving there has been a slight correction in price but I believe wouldn't be surprised if this sentiment from halving gets dwarfed from the herd behaviour from institutional investors.
Note: DJI has been hitting higher highs and higher lows so a top has not been confirmed which coincides with my theory. I will keep up to date with this trade idea in the comments to give the daily levels that I am watching.

Comments

Looks like the down side has broken from this pocket. Lets see how it plays out
Reply
29/4 - 30/4 --> Lower bound 9325 | Upper Bound 10447

If enter zone then will set orders
LONG 10450
SHORT 9150
Reply
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