BTC USD BITFINEX 4 HOUR !!!
Strong high volume bounce just after the 4 hour bullish buy zone (swinging just below and closing above) reminded us to always leave some room with stop losses just in case we swing a bit lower, perfect example here to check orders books and look for big buy walls placing just underneath in this case 8190. If it falls through and stops you and still bounces and continues up its just unlucky, i do not suggest keep adjusting stops as when will it end ? you could just keep adjusting hoping for a bounce soon and that would HOPING!!
Strong Bullish engulfing candle suggests some follow through i don't expect it to fail at the first orange 1 hour bearish sell zone but you never know!
We are looking for good Risk Reward trades
Perfect short trades will be BTC reaching a horizontal bearish zone like 8900 9000 and also touching the diagonal down trend line (that circle)
Stop loss just above the 9000
Target will be depending on the pull back ( how fast we are pulling back ? bearish volume ? lack of buying ? If the bulls look weak on the pull back again falling through 8200 wouldn't be a surprise
Obviously the perfect trade set up is rare i will update with smaller time frame 1hr,15 min chart setups for short positions, as i am typing this we look to be falling from the first bearish 1 hour zone (orange)
Bullish trades
Missing the bounce last night will leave it hard to find any good entry now, but i will update if i see any type of bullish setup which i doubt will happen
Strong Bullish engulfing candle suggests some follow through i don't expect it to fail at the first orange 1 hour bearish sell zone but you never know!
We are looking for good Risk Reward trades
Perfect short trades will be BTC reaching a horizontal bearish zone like 8900 9000 and also touching the diagonal down trend line (that circle)
Stop loss just above the 9000
Target will be depending on the pull back ( how fast we are pulling back ? bearish volume ? lack of buying ? If the bulls look weak on the pull back again falling through 8200 wouldn't be a surprise
Obviously the perfect trade set up is rare i will update with smaller time frame 1hr,15 min chart setups for short positions, as i am typing this we look to be falling from the first bearish 1 hour zone (orange)
Bullish trades
Missing the bounce last night will leave it hard to find any good entry now, but i will update if i see any type of bullish setup which i doubt will happen
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