There are sideways channel and the downward channel.
BTCUSD is moving between these 2 channels.
I'll take a short position at the short line #1 or the short line 2 and take a long position at the long line #1 or the long line #2.
This is just my personal trading plan and not a financial advice.
Please do your own research.
small twins - big twins - 1st drop - double bottom is the basic structure.
it seems to be that weekly 50, 100, 200, 365 EMA play the important role.
please check the RSI weekly, too.
If we compare this chart with BTC vs. DXY chart, we can get some interesting insight for the long term BTC trend.
Coincidentally, the long term price trend of BTC and DXY shows the inverse correlation.
But, it is not strict and they move along sometimes.
the current situation of BTC and DXY price is similar to it at 2Q, 2018.
1st failed attempt -> down to the green line -> reversal to the upper green line -> down to the channel bottom
2nd failed attempt -> down to the yellow line -> reversal to the upper yellow line -> down to the channel center
3rd failed attempt -> down to the green line -> reversal to the upper yellow line (or the green line?) -> down to where? (at least to the...
BTCUSDT is inside the down trend channel.
it's moving between the upper range zone and the lower range zone.
Currently, it is located at the middle line.
If it bounce from the middle line, we can do a long, but if it fails to bounce, we can do a short until the bottom line.
BTC is inside the steep descending channel and tries to come back to the base channel.
the bottom line of the base channel and the top line of the descending channel meet at 37,806.
BTC tries to break out this cross point.
If it can break out, we could see the trend reversal.
If it can't, there would a huge drop down.
Coincidently, the movement of BTC in this weekend is similar to that of the last weekend.
Does it mean that there would be the 3rd attempt? who knows?
BTC is inside the down trend channel and this long-short setup works as expected.
Please watch out. we'll need the tight stop-loss for the long and the short.
BTCUSDT is inside the down trend channel, but it's bullish temporarily.
This is the typical move of BTCUSDT
There could be the 3rd attempt.
40 ~ 41k would be the good short entry point but, plz watch out.
it could go to 42 ~ 44k.