Weekly stochastic RSI - Bearish
Daily Stochastic RSI - Bearish
4 hourly Stochastic RSI - Bearish
This is a high probability event. All ducks lined up in a row. I have taken a short position at 6390.
Disclaimer: This is not financial advice. Just my two satoshis.
Strategy: Long Bias
Position: Solid Cash (Liquid)
Current view: Waiting for a strategic re-entry for a long position
Primary indicator: Stochastic RSI
Trading principle: Never go against the bias. So, I am not shorting BTC.
Waiting time: Less than five days from now to take a long position.
Disclaimer: I am not a native speaker. Pardon my rusty English
If you watched my last video, we cashed in our longs at 8200 and never shorted. Instead, we stayed out of the market, waiting for a perfect re-entry for a long position. We just saw a random green candle that has propelled BTC back to the 8200 levels. I explained that shorting in an uptrend was a risk that wasn't worth the reward. In this video, I explain what I...
- Weekly stochastic RSI bullish (bullish bias)
- Daily stochastic RSI (blue line crossed above orange line) indicating overbought conditions (80+ stochastic RSI) but with increased upward momentum. It is important to note that the Stochastic RSI can stay in overbought conditions for extended periods of time when the market is strongly bullish. (Even stronger...
- Weekly stochastic RSI oversold (LONG)
- Daily Stochastic RSI overbought (Short)
- For those who trade the daily chart, wait until the stochastic RSI crosses to indicate a shift in momentum to the upwards direction. We are likely to drop to the 7000 levels in a few days as we cool off from the recent rally. I would avoid shorting because it goes...
Stochastic RSI (4 hours) overbought. I expect to see BTC correcting to 7200 for the next 3 or 4 days before making the next move upwards. Shorting in an obvious bull market is never worth the return though. You want to avoid unpleasant surprises and that is exactly what you get if you go short in a bull market. If you have a long position (with low leverage),...
1. Stochastic RSI on the daily chart indicates oversold conditions.
2. Rising BTCUSD channel, a break from the descending channel we had.
3. Expectation of ETFs in August. I expect the price to start being factored in BEFORE the ETFs are actually launched. ETFs are bullish for BTC, Futures are bearish.