I think BTC will continue to be tightly range bound through october, but it's forming price agreement and may make a breakout attempt, probably to the upside, towards 21k.
If it moves up, I'd ladder in low leverage long on breakout and confirmation. The market is confused and btc is competitive so expect volatile and confusing signals on the candles if you try to trade it.
The smartest trade is to probably avoid any trading outside of longs at 18.8 and shorts around 21k and just scalp profits out or hold positions in both directions from those entry points to hedge, and then wait for the next massive movement.
Correlations with the DXY and NDX/SPX are weakening which is very interesting. Everyone is expecting a downturn at this point, which is usually when the fades (eg contrarian trades) win. It's very unclear which way it'll move so avoid predicting price action - trade price action. Make it your mantra: "I don't predict the price, trade it".
After surveying around, and from the chart formations, I think it may not make a major movement outside of 18.8 to 21k until november.
So scalps only through october for this asset, and it's a competitive one so it's very hard to trade.
Stay safe and good luck.
If it moves up, I'd ladder in low leverage long on breakout and confirmation. The market is confused and btc is competitive so expect volatile and confusing signals on the candles if you try to trade it.
The smartest trade is to probably avoid any trading outside of longs at 18.8 and shorts around 21k and just scalp profits out or hold positions in both directions from those entry points to hedge, and then wait for the next massive movement.
Correlations with the DXY and NDX/SPX are weakening which is very interesting. Everyone is expecting a downturn at this point, which is usually when the fades (eg contrarian trades) win. It's very unclear which way it'll move so avoid predicting price action - trade price action. Make it your mantra: "I don't predict the price, trade it".
After surveying around, and from the chart formations, I think it may not make a major movement outside of 18.8 to 21k until november.
So scalps only through october for this asset, and it's a competitive one so it's very hard to trade.
Stay safe and good luck.
Note
Update: Inflation in the US is showing acceleration so this may break down a bit, and USD and the DXY may strengthen into the following weeks.Note
Core inflation jumped .6% in august vs wages .3% in the US.All markets will likely be rattled.
finance.yahoo.com/news/us-stocks-wall-st-eyes-131459762.html
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.