Just a quick post to share ideas for potential reversal zones on bitcoin.
Chart:
Bat and crab patterns are visible. The crab is not quite as strong as the bat. I think we'll see some more volatility corrective moves (liquidate the shorts, and some longs) after this strong impulsive move. Subdividing this impulsive move into waves is a little murky, but I think a the steepest move is the completion of a W3 and W4 will likely retest this trendline break.
Trade thoughts:
Sit tight and wait for the upward volatility to resolve into a more directional uncertainty before shorting. Longs still have an advantage (if added on pullbacks), but overall, oscillators are overbought. Optimal short entries would be a higher high on the charts, near a reversal zone, with a lower high on the RSI - wait for the clarity of that divergence before betting short. Ideally DXY will show some upward strength as well.
Chart:
Bat and crab patterns are visible. The crab is not quite as strong as the bat. I think we'll see some more volatility corrective moves (liquidate the shorts, and some longs) after this strong impulsive move. Subdividing this impulsive move into waves is a little murky, but I think a the steepest move is the completion of a W3 and W4 will likely retest this trendline break.
Trade thoughts:
Sit tight and wait for the upward volatility to resolve into a more directional uncertainty before shorting. Longs still have an advantage (if added on pullbacks), but overall, oscillators are overbought. Optimal short entries would be a higher high on the charts, near a reversal zone, with a lower high on the RSI - wait for the clarity of that divergence before betting short. Ideally DXY will show some upward strength as well.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.