Zoomed out a bit today to look at the bigger picture on daily and weekly.
A very apparent bearish divergence and overbought condition in one of my indicators combined.
This will allow for a very good swing trade of 1-2 weeks time frame.
Short near $10,200 - the closer you get to this price the better so you reduce the potential loss if stopped
The next move on BTC is coming soon. I think the current setup has very good odds for a simple trade.
Short a 4h close bellow $8,700
Long a 4h close above $8,980 (9,000)
Use a proper stop as always once the trade is executed.
I expect the move to be at least $500 and possibly more.
There are a few setups that point to the next target near $11,000. I will keep it simple and use just this one.
Long on a break of $10,050 - $10,070
"If you are not long you are wrong"
I bought ETHBTC at 0.01950 and expect it to hit the target are over the next few weeks.
Pretty simple, but effective horizontal support and resistance. I am not showing other indicators that I have used to make my decision easier as I wanted to show how simple trading can be if you don't let yourself get confused with multiple conflicting signals.
I am not sure why they are so many bears still on BTC. For me it's so simple:
We broke the 6-7 months of downtrend.
We had a pretty good accumulation in the $6500-7500 area
We are over all moving averages and expecting a golden cross soon
We have a big support bellow us that will take a lot of selling to be breached
Good luck trying to short this chart!