I don't think this 1-hour Div signal is going to play out very well. Waiting for the 4 hour power Diversion is a great signal, and a Weekly would be ideal (but weekly's are rare).
Here is an area plotted with a yellow circle/oval that for now I'll call "Price's area of confusion". I also have "wanna be" price uptrend "Green dotted lines" placed for the trend upwards if it takes, and if price crosses lower than the upward trend continues on these green dotted lines, get out of the trade, if you longed.
The bearish strength continues, mainly because the longer time frame indicators are on the low side.
Placing a long bet is a bit dangerous as I/we experienced on the last suggested Long trade. Risk is still high for Longing Failure. Since I'm not a scalp trader but a Swing trader I'm doing the 3 day to 3 week hold trades for double digit gains.
I'm not excited about the short trade this go around, and am waiting for a nice Long set-up.
I'll post some updates on the progression, and post a possible trade entry when I'm ready to go into the trade.
Good Luck trading !!
Here is an area plotted with a yellow circle/oval that for now I'll call "Price's area of confusion". I also have "wanna be" price uptrend "Green dotted lines" placed for the trend upwards if it takes, and if price crosses lower than the upward trend continues on these green dotted lines, get out of the trade, if you longed.
The bearish strength continues, mainly because the longer time frame indicators are on the low side.
Placing a long bet is a bit dangerous as I/we experienced on the last suggested Long trade. Risk is still high for Longing Failure. Since I'm not a scalp trader but a Swing trader I'm doing the 3 day to 3 week hold trades for double digit gains.
I'm not excited about the short trade this go around, and am waiting for a nice Long set-up.
I'll post some updates on the progression, and post a possible trade entry when I'm ready to go into the trade.
Good Luck trading !!
Comment:
I've indicated the 8.5 % gain from the 1 hour diversion, except when I did this TA, the entry was already over, and would have been very slim profits jumping in. We might see another Higher High as a lower time frame Diversion forms, sending price downwards, and is how I'm feeling about it, a Short seems better than a long at this point. I have also have a new downwards Channeling line in Orange indicated with an Orange Arrow. If price decides to break out of the orange channel line, then price action might gain some upwards momentum. However I still feel the need for a 4 hour divergence signal, which I believe will happen, although it might not, of course this is bitcoin tricky volatile trading. Here's the adjustments to watch for in price action with the new orange line.
