Extremely Choppy price action as might be expected when HTF MAs start fighting with each other. Two most recent BTC trade ideas haven't been great. One failed to trigger, and then momementum following Short reversed 50% towards target, before taking out small flag resistance level in emphatic style.
Looking at higher time frames, the bear looks to have better odds of winning this battle.
On medium time frames, A descending triangle formation can be seen getting formed. Chances are on the next round of asking, this support level fails. Therefore there are two viable trade ideas at work here. 1st one shorting back down to bottom of range. 2nd one, counting on the support being taken out, targeting $7000.
Looking at higher time frames, the bear looks to have better odds of winning this battle.
On medium time frames, A descending triangle formation can be seen getting formed. Chances are on the next round of asking, this support level fails. Therefore there are two viable trade ideas at work here. 1st one shorting back down to bottom of range. 2nd one, counting on the support being taken out, targeting $7000.
Trade active:
Got my fills on a Stop Loss running Shooting Star candle on the 30 min.