Ive been bearish on BTC up until now and still am.
That said, we can see on the daily BTC is making HH & HL and is best traded with a momentum trading strat.
on the 4hr it gets a bit more interesting, on the 16th BTC attempted a run up to the 0.5fib and feel short, where it retraced a little, consolidating and ran back up breaking the 0.5Fib and local resistance. This resistance has since turned into support & BTC sits within a high volume profile band...
If BTC can hold this level and consolidate it can make an attempt to break up through the 0.5 and attempt a local high at $7245ish. If it breaks this with volume next step will be 0.618Fib.
If BTC consolidates at the top of the high volume band and /or the local high.... it could be a double top and we will use indicators to ascertain strength at that level.
If BTC breaks through this level at 7150ish, look for support around 6950ish.
Im bearish but the Long/short ratio doesn't look conducive to a big correction yet.
Ive a small position long at support here hoping for the breakthrough with tight stop. But will switch to short when the necessary levels have been reached and signals alert me & or Futures come open tonight &/or S&P reverses... This whole thing is manipulated so better running out in front of it as against it.
Do with this what you will, its not trading advice, just my thought for now.
That said, we can see on the daily BTC is making HH & HL and is best traded with a momentum trading strat.
on the 4hr it gets a bit more interesting, on the 16th BTC attempted a run up to the 0.5fib and feel short, where it retraced a little, consolidating and ran back up breaking the 0.5Fib and local resistance. This resistance has since turned into support & BTC sits within a high volume profile band...
If BTC can hold this level and consolidate it can make an attempt to break up through the 0.5 and attempt a local high at $7245ish. If it breaks this with volume next step will be 0.618Fib.
If BTC consolidates at the top of the high volume band and /or the local high.... it could be a double top and we will use indicators to ascertain strength at that level.
If BTC breaks through this level at 7150ish, look for support around 6950ish.
Im bearish but the Long/short ratio doesn't look conducive to a big correction yet.
Ive a small position long at support here hoping for the breakthrough with tight stop. But will switch to short when the necessary levels have been reached and signals alert me & or Futures come open tonight &/or S&P reverses... This whole thing is manipulated so better running out in front of it as against it.
Do with this what you will, its not trading advice, just my thought for now.
If BTC can hold this level and consolidate it can make an attempt to break up through the 0.5 and attempt a local high at $7475ish. If it breaks this with volume next step will be 0.618Fib