Looking at the 4 hour BTC chart there seems to be some confluence one range below that may be a leading indication of the next week or so.
With that said BTC is in a massive tear to the upside. While shorting it may be profitable if we see a dip
it may be better to view this as a point to potentially accumulate with a invalidation just below the main trend.
Looking at the low of one equal size range below and the point at which it crosses the main macro up trend there some confluece with pulling a curve from range high across todays high.
Wave trend oscillator has been trending down days and looks like downward momentum should cuminate at the same time. Money flow has also been trending down and would be reaching the zero line at the same location where if still uptrending would likely bounce.
Current Trading Plan:
Cautiously short the potential drop with intent to reaccumulate. Cautiously as in watching for brake of the curve, bounce at the bottom of the range, and considering where price is when we reach these time periods.
Trade Well
Your Friend,
Degen
With that said BTC is in a massive tear to the upside. While shorting it may be profitable if we see a dip
it may be better to view this as a point to potentially accumulate with a invalidation just below the main trend.
Looking at the low of one equal size range below and the point at which it crosses the main macro up trend there some confluece with pulling a curve from range high across todays high.
Wave trend oscillator has been trending down days and looks like downward momentum should cuminate at the same time. Money flow has also been trending down and would be reaching the zero line at the same location where if still uptrending would likely bounce.
Current Trading Plan:
Cautiously short the potential drop with intent to reaccumulate. Cautiously as in watching for brake of the curve, bounce at the bottom of the range, and considering where price is when we reach these time periods.
Trade Well
Your Friend,
Degen
Comment:
Price has broken out of the trend and may or may not continue down. Being it was well respected for several candles and now has broken likely a good sign of continuation to the upside or atleast a notable bounce.