Bitcoin, still in a corrective structure
Updated
Hi guy's,
in my latest post I described that we did not see a bullish impulse yet for Bitcoin. Does that mean it can't go higher? No it does not mean that, It means that the probability of a move higher is low and if we move higher it will most likely be a messy move before it comes back down.
Sometimes it is just better to wait for the good set-ups instead of wasting time trading an instrument that does not move.
I like to see the previous low taken out before Bitcoin can make another attempt to move higher. I always trade IF=THEN and only what's best. Keep in mind that there are a lot of instruments out there and we don't have to chase a trade. If you like to trade Bitcoin, the approach remains the same and don't forget to manage it on the lower time frames till things start to really move again.
Have a nice weekend and in my weekly video, which I will record during the weekend, I will update Bitcoin as well.
in my latest post I described that we did not see a bullish impulse yet for Bitcoin. Does that mean it can't go higher? No it does not mean that, It means that the probability of a move higher is low and if we move higher it will most likely be a messy move before it comes back down.
Sometimes it is just better to wait for the good set-ups instead of wasting time trading an instrument that does not move.
I like to see the previous low taken out before Bitcoin can make another attempt to move higher. I always trade IF=THEN and only what's best. Keep in mind that there are a lot of instruments out there and we don't have to chase a trade. If you like to trade Bitcoin, the approach remains the same and don't forget to manage it on the lower time frames till things start to really move again.
Have a nice weekend and in my weekly video, which I will record during the weekend, I will update Bitcoin as well.
Note
For those who are looking for a short term buy before taking out the previous low; the following structure is what I would be looking for if you like to buy Bitcoin. The reason: IF we move higher from here you might very well get stuck in a sideways move and then take out the low. The probability is just not good enough for me at this very moment. Hope this makes sense. I'm very disciplined in my trading so keep that in mind when reading my posts. There is no such thing as missing a trade when you follow a rationalize trade plan.Note
I uploaded my Weekly outlook; Dollar pairs, Silver, Gold & Bitcoin to my YouTube channel (Tim Stuyts). Safe trades!
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