ALICE/BTC - SHORT TERM SCALP SETUP! [High Risk]
If you're like me, you're waiting to scale back into BTC and ETH, and are trying to take advantage of the recent volatility with some short term trades.
One way to kill 2 birds with one stone is by trading ALT / BTC pairs. Not a bad way to accumulate on the way down, if you can time it right.
BTC loves to do the opposite of what you and the rest of the herd expect. I think people are banking a little too heavily on the pennant pattern BTC has been ranging in, and we may be in for more downside before the weekend is over. I could be wrong, in which case I may get stopped out of this trade before you even see it...
But hey, shooters gotta shoot. what else am I supposed to do at 2am on a Saturday night ;)
Anyway, chart explains my thinking here. The trick is to spot short term reversals early enough to catch some upside. But In this case, ALICE is trying to break out from a rising wedge (typically bearish pattern), which can lead to parabolic upside IF it's confirmed. A big green volume spike some hours ago and low selling volume since then got me feelin bullish.
We'll see if BTC cooperates. Use stop losses on every trade in these conditions.
I know I've been quiet since the big dip... I'll try to post more of these.
happy trades,
CD
One way to kill 2 birds with one stone is by trading ALT / BTC pairs. Not a bad way to accumulate on the way down, if you can time it right.
BTC loves to do the opposite of what you and the rest of the herd expect. I think people are banking a little too heavily on the pennant pattern BTC has been ranging in, and we may be in for more downside before the weekend is over. I could be wrong, in which case I may get stopped out of this trade before you even see it...
But hey, shooters gotta shoot. what else am I supposed to do at 2am on a Saturday night ;)
Anyway, chart explains my thinking here. The trick is to spot short term reversals early enough to catch some upside. But In this case, ALICE is trying to break out from a rising wedge (typically bearish pattern), which can lead to parabolic upside IF it's confirmed. A big green volume spike some hours ago and low selling volume since then got me feelin bullish.
We'll see if BTC cooperates. Use stop losses on every trade in these conditions.
I know I've been quiet since the big dip... I'll try to post more of these.
happy trades,
CD
Comment:
First target hit + establishing support around 18592