It's also forming a bear flag on the daily.
Pink lines indicate bullish divergence that has started to play out.
Over last couple, XBT has been trending up on the Daily chart along the red trendline.
There is tiny bit of bearish divergence on the daily too.
Marked in blue lines.
What's next?
If BTC holds the red uptrend line, we'll keep cruising up on daily timeframe.
If it doesn't, we'll be testing 3500 again for sure.
From the previous bounces from 3500, bulls have made clear that they don't want it to break. But it's a gamble.
What if they have moved down to the next support for prospective bounce. Next support is 2950.
Weekly candle has closed bullish.
How will I trade next couple days?
Scenario 1 ->
The movement is not clear atm. Test of red line will confirm it for me.
If we break the red line, I'll open a SHORT close majority of it around 3500
Scenario 2 ->
If we test the red line and bounce, I'll open a LONG and look for 4200-4800 as my TP points.
Scenario 3 ->
BTC breaks the red line and breaks the 3500 support - SHORT and close between 3000-2900
Bounce from 3500 again - I'll wait for a pullback from the bounce for my LONG entry
What do I think?
Well, I think we are at a massive No Trade Zone right now.
Waiting for a confirmation will allow me to trade the movement. Trading either direction without confirmation is gambling imo.
What are my indicators saying?
1hr,2hr,4hr timeframes on my indicators are pointing down atm.
Daily is still green.
Pink lines indicate bullish divergence that has started to play out.
Over last couple, XBT has been trending up on the Daily chart along the red trendline.
There is tiny bit of bearish divergence on the daily too.
Marked in blue lines.
What's next?
If BTC holds the red uptrend line, we'll keep cruising up on daily timeframe.
If it doesn't, we'll be testing 3500 again for sure.
From the previous bounces from 3500, bulls have made clear that they don't want it to break. But it's a gamble.
What if they have moved down to the next support for prospective bounce. Next support is 2950.
Weekly candle has closed bullish.
How will I trade next couple days?
Scenario 1 ->
The movement is not clear atm. Test of red line will confirm it for me.
If we break the red line, I'll open a SHORT close majority of it around 3500
Scenario 2 ->
If we test the red line and bounce, I'll open a LONG and look for 4200-4800 as my TP points.
Scenario 3 ->
BTC breaks the red line and breaks the 3500 support - SHORT and close between 3000-2900
Bounce from 3500 again - I'll wait for a pullback from the bounce for my LONG entry
What do I think?
Well, I think we are at a massive No Trade Zone right now.
Waiting for a confirmation will allow me to trade the movement. Trading either direction without confirmation is gambling imo.
What are my indicators saying?
1hr,2hr,4hr timeframes on my indicators are pointing down atm.
Daily is still green.
Comment:
Or after breaking the Daily Uptrending Support
Trade closed manually:
Shorted after the break of uptrend.
Locked in profits and SL in profit got hit on that BART move.
Locked in profits and SL in profit got hit on that BART move.
Would have been an easy SHORT