BTCUSD updated - next 10 days
Updated
Given that my breakout scenario from the last chart (to the end of May, linked below) was fulfilled, i felt it necessary to update it for the shorter time frame.
The shorter time frames are showing quite a few reasons for concern - negative divergences on RSI and MACD. Three Drives Pattern that I would like to shoutout to bagofXMR 's chart for detailing well.
But ... the longer time frames still need some time to turn hence, the idea above. Expecting sideways for a few days, resulting in the flashing of even more negative indicators followed by a fast break up to set up negative divergences on the longer term as well, followed by a violent move down to 1160 or so, maybe as low as 1140 to 1110.
~20 long position.
The shorter time frames are showing quite a few reasons for concern - negative divergences on RSI and MACD. Three Drives Pattern that I would like to shoutout to bagofXMR 's chart for detailing well.
But ... the longer time frames still need some time to turn hence, the idea above. Expecting sideways for a few days, resulting in the flashing of even more negative indicators followed by a fast break up to set up negative divergences on the longer term as well, followed by a violent move down to 1160 or so, maybe as low as 1140 to 1110.
~20 long position.
Note
Staying acceptably close to the expected range. Long still active.Scalped successfully a few times to reduce my cost basis on this move down.
Trade active
Closed ~80% of my BTC position and closed the rest of my ETH and LTC positions (in the green thankfully) because I do not feel like getting burned by Bitfinex. Moved most of my BTC off there till there is a resolution.Also, spread is too wide now between Finex and the others. Also, good news (banks are clear) would cause the price to normalize/drop and so would bad news. Seems too risky to stay long here.
Trade closed manually
Closed my longs. Sit and wait for next entry point
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