Aren’t Sundays so much better with Bitcoin? I think so.
BTCUSD looks to be setting up for a long position. Top to bottom:
-5 period RSI bounced off the mid-line along with price bouncing off the 50 SMA. This is bullish after a small correction following the near week-long run up from $9500 to reclaim the 50 SMA. A green close tonight is important.
-MACD says upward momentum is fading on the daily, but on a three day chart the fast average is getting close to crossing the slow average to the upside.
-Pay attention to the midterm trendline from the previous double top. That was already broken, hence the second top not being on the trendline anymore. Still pointing down, but not as steep as before.
How I’m playing it:
-As long as the 5RSI stays on top of the midline and the MACD fast average doesn’t cross to the downside, I’m going long at the close of the first green candle to take out the recent high right around the $12k point with a 1.5x ATR stop around $10.9k. Seems like a big stop loss…please read past ideas to understand my position sizing or ask in the comments and I’ll review it.
-A safer way to ensure momentum is to the upside is to wait for a close above the current trendline. The risk to that is not being in place for one of the massive $1k green candles that we’ve seen several times this year. I think the surprises will be to the upside. Not a fortune teller though…I’ll always have a stop in place.
Good luck. Will update if/when the trade is active.
BTCUSD looks to be setting up for a long position. Top to bottom:
-5 period RSI bounced off the mid-line along with price bouncing off the 50 SMA. This is bullish after a small correction following the near week-long run up from $9500 to reclaim the 50 SMA. A green close tonight is important.
-MACD says upward momentum is fading on the daily, but on a three day chart the fast average is getting close to crossing the slow average to the upside.
-Pay attention to the midterm trendline from the previous double top. That was already broken, hence the second top not being on the trendline anymore. Still pointing down, but not as steep as before.
How I’m playing it:
-As long as the 5RSI stays on top of the midline and the MACD fast average doesn’t cross to the downside, I’m going long at the close of the first green candle to take out the recent high right around the $12k point with a 1.5x ATR stop around $10.9k. Seems like a big stop loss…please read past ideas to understand my position sizing or ask in the comments and I’ll review it.
-A safer way to ensure momentum is to the upside is to wait for a close above the current trendline. The risk to that is not being in place for one of the massive $1k green candles that we’ve seen several times this year. I think the surprises will be to the upside. Not a fortune teller though…I’ll always have a stop in place.
Good luck. Will update if/when the trade is active.