Long Scalp Idea Revealed For Bitcorn?
Updated
I've tried to clean the chart and made it more easy to understand and to read with less paragraphs.
This is just a scalp idea, it is not for a long term hold position. Like I stated before in my previous analysis, any rally BTC make will be sold into as we're in an active mid-term down trend on the weekly. My target for this short term scalp is around 9.7k-ish. Longing here is risky due to mid-term trend being down. It's better to look for a short in the rallies than scalping counter trend.
During morning when I saw this chart, I didn't want to post the idea due to me being lazy and I didn't think the scalp idea was worth it. But I'll post it anyways to give an idea what Bitcorn wants to do and what will probably happen in the next following week.
Sunday will be the day of recognition as the bulls will try to fight to close above the 10 SMA on weekly, and the bears will want to officially close under the 10 SMA. The usually fireworks happens when we get closer to the daily candle close.
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This is just a scalp idea, it is not for a long term hold position. Like I stated before in my previous analysis, any rally BTC make will be sold into as we're in an active mid-term down trend on the weekly. My target for this short term scalp is around 9.7k-ish. Longing here is risky due to mid-term trend being down. It's better to look for a short in the rallies than scalping counter trend.
During morning when I saw this chart, I didn't want to post the idea due to me being lazy and I didn't think the scalp idea was worth it. But I'll post it anyways to give an idea what Bitcorn wants to do and what will probably happen in the next following week.
Sunday will be the day of recognition as the bulls will try to fight to close above the 10 SMA on weekly, and the bears will want to officially close under the 10 SMA. The usually fireworks happens when we get closer to the daily candle close.
If you like my analysis of the market and it helped you learn or made some money, please consider using my referral links.
deribit.com/reg-4097.5044
bitmex.com/register/RaKti4
Note
Price hit our target, but this would of been a losing trade due to that dragonfly doji candle. If you had proper risk management you would of been stopped out, although price did mean revert. It sucks, but it happens. Mid-term trend is still down as we closed below the 10 SMA weekly.
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