Longs ready for downside also prepared for sideways.

8 Jul

BTCUSD Using the trend lines, I look a bit deeper. Based on the daily chart, current indicators suggest a short-term rebound within a longer-short term downtrend.

The daily chart shows the RSI and MACD at oversold levels, indicating a possible short-term bounce. In contrast, the weekly chart suggests more room for downward movement, reflecting the overall short-term bearish trend.

On the weekly chart, I plan to long #Bitcoin just above $49,000 and again at $46,000, with potential further drops to $42,000. I can handle water.

However, if we maintain the current levels for an extended period, there's potential for stabilization without a final dip. This period of consolidation could provide the market with the necessary support to form a new base, aligning with the trend lines. #Trading BTC #tradingstrategy