I usually use longer timeframes (4h, 1d) to set up my trades and look for clues on the short 30m timeframe to find entrys and stops.
After the stability that BTC has shown for the past week or so, a huge triangle formed on the 30m timeframe, which should be resolved within the next few candles. It is marked by the orange dotted line.
Shorts are still ridiculously high. so that could be a clue for a movement up. On the other hand, BTC has failed a number of times to break the upper line of the pattern, which could signal down. RSI is colled of basically at the middle, Bollinger Bands are tight, volume is low, MACD is tight, ema9/sma20 are close together... so basically, no clues there.
Truth is, at this point organic buyers are too afraid to make any meaningful movements, and whales are dictating the pace of the market. Look for an entry when the triangle breaks BUT ONLY IF ITS WITH GOOD VOLUME, otherwise it will surely get back inside.
On a larger timeframe, we've been forming a clear rising wedge since we started recovering from the 6200ish we hit the day the ETF got rejected, so as usual set stops.
Safe trades!
After the stability that BTC has shown for the past week or so, a huge triangle formed on the 30m timeframe, which should be resolved within the next few candles. It is marked by the orange dotted line.
Shorts are still ridiculously high. so that could be a clue for a movement up. On the other hand, BTC has failed a number of times to break the upper line of the pattern, which could signal down. RSI is colled of basically at the middle, Bollinger Bands are tight, volume is low, MACD is tight, ema9/sma20 are close together... so basically, no clues there.
Truth is, at this point organic buyers are too afraid to make any meaningful movements, and whales are dictating the pace of the market. Look for an entry when the triangle breaks BUT ONLY IF ITS WITH GOOD VOLUME, otherwise it will surely get back inside.
On a larger timeframe, we've been forming a clear rising wedge since we started recovering from the 6200ish we hit the day the ETF got rejected, so as usual set stops.
Safe trades!