Bitcoin needs to decide on a direction... for BITMEX:XBTUSD.P by TraderR00kie

trendanalysis xbtusd bitmex bitcoinforecast

Newsflash! Bitcoin is either going up or down! But how do we know?
Please comment with your own ideas or criticism: Thanks! :-)

Comment:

SO: What is the thinking behind this? Well, liquidity drives the market! There is a LOT of liquidity below the "double bottom" from August 16th session.
On the other hand we have a lot of liquidity above 6650-level because of the "failed" brakeout attempts.
Price needs to go to one of these liquidity-pools to drive price up or down afterwards: It is actually quite simple ;-)

Trade closed: target reached:

Well, we went up first. Now I am pretty sure we are heading for the blue zone (and could eventually head lower).

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