btc/usd: to be long or not to be long?
Updated
After the drop, btc is showing some bullish stuff on the h4 chart.
- A possible quasimodo pattern is forming.
- Mfi shows bullish divergences
- DI+ was rising while price was falling---> bullish
- DI- is at the same level while price was falling ---> bullish
- ADX is going down while the price is going down ---> bullish
- ADX is crossing down the SMA: this means that the actual trend (downtrend) isn't strong
- Squeeze momentum indicator shows bullish divergence
So at the moment we don't have reasons to stay short, but everything could happens. I won't short.
I will short ONLY if btc closes h4 under 7600. Everything above 7600 is still good and not so scary.
As you can see i have arrows of 3 colors for 3 different scenarios.
How will i trade?
- I hope btc will follow the blue or green arrows, so i will wait for the light blue rectangles, then place a buy order on the green rectangle (low reclaim, 7900 area)---> this -will be a quasimodo pattern. The target could be 8200-8400.
- If will happen the black arrows scenario, probably won't go fast at 8400, so i will buy retracements!
- A possible quasimodo pattern is forming.
- Mfi shows bullish divergences
- DI+ was rising while price was falling---> bullish
- DI- is at the same level while price was falling ---> bullish
- ADX is going down while the price is going down ---> bullish
- ADX is crossing down the SMA: this means that the actual trend (downtrend) isn't strong
- Squeeze momentum indicator shows bullish divergence
So at the moment we don't have reasons to stay short, but everything could happens. I won't short.
I will short ONLY if btc closes h4 under 7600. Everything above 7600 is still good and not so scary.
As you can see i have arrows of 3 colors for 3 different scenarios.
How will i trade?
- I hope btc will follow the blue or green arrows, so i will wait for the light blue rectangles, then place a buy order on the green rectangle (low reclaim, 7900 area)---> this -will be a quasimodo pattern. The target could be 8200-8400.
- If will happen the black arrows scenario, probably won't go fast at 8400, so i will buy retracements!
Note
Here we go
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