So now that I've had a few more hours to look into things further, here's what I have.
The original plan was to short in this range. I would have continued to short in the 8,450 to 8,450 plan as I have outlined in previous posts had I not noticed that we are forming a bullish ascending triangle. We are setting higher lows while price continues to squeeze up against this resistance area. This is bullish price action. Buy at the lower end of the triangle, set your stop below the previous 2H low, and make $$. Pretty simple if you have the patience to get your bids filled low. Which is right now as a matter of fact.
The original plan was to short in this range. I would have continued to short in the 8,450 to 8,450 plan as I have outlined in previous posts had I not noticed that we are forming a bullish ascending triangle. We are setting higher lows while price continues to squeeze up against this resistance area. This is bullish price action. Buy at the lower end of the triangle, set your stop below the previous 2H low, and make $$. Pretty simple if you have the patience to get your bids filled low. Which is right now as a matter of fact.
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Also want to add that that purple line has acted as resistance which has now broken and turned support. You can see how price acted at this level in the recent past.
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Here's another chart detailing that.
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The only thing that will invalidate this trade for me at this point is if we dip below the previous 2H high. That's where my stop is and where it will stay until we continue to move up, in which case I will decide where I will move it into profit when that time comes.
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What's also interesting is that the last two 2H candles lows were at or just above the purple line. That purple line is a bull to bear switch in my mind. I wouldn't short yet but I will definitely be out and waiting to see what the future price action brings before making a trade.
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Last comment on this - trendlines don't work usually first of all, and secondly they are not hard and fast. Price could go below the trendline (diagonal line) and bounce. I don't use those for anything other than to show that price is moving in a consistent direction, but they are never hard and fast. I use previous candle closes for my stops on these longer trades.
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Notice how when my stop hit, price continued? That's the definition of a good stop.
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IF this hourly closes above the purple line, I will buy the shit out of this. Also going to be buying down to 9215 in smaller amounts (finex pricing). I graph on finex because swaps (bitmex) are less reliable.
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Lastly, I will chart on mex occassionally (even though it may look drastically different than spot exchanges) however, I give them much less weight in general if there is a well developed pattern that I notice. Here's an example. This could break up or down, and we are in a shorter term downtrend, however we are consolidating up against previous support now turned resistance at the same time. Which could signal the end of the downtrend.
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I'm scalping from here down to the lower end of the symmetrical triangle.
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That triangle may actually break down first so I'm scalping short to the lower end, not sure why i made the arrow upwards. If it breaks down, which is expected, then I will be buying at the levels I said above. Down to 8215
Trade closed: target reached:
Boom
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Right back at 8250 again as as well (check my comment below 4 hrs ago)