Any long form consolidations for BTC gets tricky. Specially the range this wide is probably wrecking longs and shorts with each move. Even though my next six month bias is still to the upside, I am not super convinced with the current run to the resistance. I took a long position that looked like a perfect setup and that failed. No biggy, just part of risk management. But when it sets up again, got to wonder if BTC wants to fool me twice....Well, as a trader, doesn't matter. I will take the setup again, but will be a tad bit more conservative this time. The setup is, BTC breaks below 50 daily EMA then pushes back up and gets support. Last time pulled the trigger before confirming the daily support over 50 EMA. This time will wait for it. Particularly if price breaks over 60 k then it will be a trade I will take no matter what.
1. ADX is in the gutter. If it gets picked up with the DI plus over 20 it will provide a better signal
2. Price above 60k will negate the bear flag formation
3. Price pushing over top side bollinger band will confirm momentum
Let's see how it goes. In the mean time I will play the short term quick in and out trades and scalps as the opportunities present themselves. Good luck out there.
1. ADX is in the gutter. If it gets picked up with the DI plus over 20 it will provide a better signal
2. Price above 60k will negate the bear flag formation
3. Price pushing over top side bollinger band will confirm momentum
Let's see how it goes. In the mean time I will play the short term quick in and out trades and scalps as the opportunities present themselves. Good luck out there.
