lowstrife
Long

Stupid Willy and Consolidating Market

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
874 2 8
No Historical Analysis, just a simple trade setup. A few reasons behind it:

  • Macd is about to cross up
  • Very simple but elegant RSI trendline can be broken if we close the daily in a favorable position
  • Willy is stupid, which is a very difficult thing to do without a major market crash (see $275)
  • Bollinger bands are tight on every timeframe under 12hr.
  • Futures markets are trading at a slight discount now which is rare for them.
  • Close to the bearish trendline from $300. If we go sideways until we nestle under it that would be 10\10 ideal.
  • Shorts on Bitfinex at ATH's

I am expecting a 10-15% move in the direction chosen. Upward would mean $250. Downward would mean $192 likely. I have my bullish bias as always however, hence the "long" tag on this chart. The longer we wait and let the market consolidate the better and bigger the move will be.

Good luck and best of trading!
lowstrife MOD
2 years ago
Here is a chart showing the bollinger bands:

snapshot


(some credit to Flibbr for making it which I stole and modified)

The indicator by LB measures the size of the bands, E.G how tight and consolidated they are. The red-green lines show if the candles are closing above or below the median of the bands, which seems to be a fairly accurate indicator of the direction they will break in. Currently they are all sitting @ green for another short\medium term bullish push.
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Galvin
2 years ago
I think the double bottom will have to play out from 215 which means more up before down.
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