BTC likely trying for a local sharp descending channel.
While I may have called the H&S structure and the 10800 area would have probably made for a decent short trade setup, I am patiently waiting for our Long/Short ratio catalysts to line up with our indicators. For right now, indicators are kind of in nowhere land, and top trader and retail trader positions are decidedly undecided. So your best and safest bet at the moment is to sit this one out. We are likely to be searching for a good short opportunity, and not likely a long reason being that we are waiting for the RSI and Stoch to at least top out (since they are both headed up, so we want to short FROM strength to weakness... With longs we are always waiting for our indicators to bottom out and start heading upwards so we can find a good long opportunity - long from weakness into strength.)
Now we "could" in theory base our trades purely on indicators, and sometimes those DO work out. BUT, I can tell you right now that what mostly ends up moving markets are exchange liquidation possibilities. Those, aligned with what your indicators are telling you will give you the safest trades. It's not always 100%, but I can tell you that my trade win % is really high if I base my trades on just those two things alone.
My current theory is that we bounce back up into the high 10700 area, and possibly then we get a little more clearer on what longs/shorts are doing. For right now, I would just sit this one out for a bit.
This is how I have us long term for right now:
Now we "could" in theory base our trades purely on indicators, and sometimes those DO work out. BUT, I can tell you right now that what mostly ends up moving markets are exchange liquidation possibilities. Those, aligned with what your indicators are telling you will give you the safest trades. It's not always 100%, but I can tell you that my trade win % is really high if I base my trades on just those two things alone.
My current theory is that we bounce back up into the high 10700 area, and possibly then we get a little more clearer on what longs/shorts are doing. For right now, I would just sit this one out for a bit.
This is how I have us long term for right now:
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This could even be another possibility to pull people into a bull trap:
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Another potential:
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If I was any more right, you would swear I worked for the exchanges....
That's why I believe that we could go back up close to the 10800 range again and possibly double top..