Bitcoin / Dollar BITFINEX:BTCUSD

After BTC             breaks out of what some called a diamond bottom it slowly crawls up with declining volume and to me doesn’t really look like a strong bounce at all,(debates over twitter saying this type of bounce is stronger long term then a big bullish V shaped one or something along them lines, i cant see how but yeh) just about reaching the circle from the other day.
The circle was just a general decent selling/shorting zone nothing exact!!
After any type of dump like that and after what seems a weak bounce i will always be looking for another good R/R short entry, the perfect one would of been a third touch on that diagonal or a retest 8900!! but we dont always get them 🙁

Short Entries
Good R/R ones have already happened
not confidently breaking the 1 hour bearish zone (orange) then also failing to turn into support would of been the short entry if you missed just above shorting in the circle

Riskier ones now would be shorting a breakdown of 8200 with 8000 psych and then the green bullish 1day zone just under at 7900. Plus bulls could defend and suck it back up after failed breakdown !!

Bullish Trades
Losing 8200 and the bulls defending closing back above would be pretty bullish i suppose but would just play for a quick scalp type trade as no one knows where BTC             is going from here! i wouldn’t feel confident going long unless we consolidate for a few days around 8200 8600 then breakout strong with volume or if we reach 7900-7750 zone

I am not confident with any long term swing trades at the moment so i just day trade and lock in profits 🙂

By admin