BitcoinLong
BTCUSD: Reading The Wicks for a long entry
In yesterday's interview/webinar I got asked the question about my outlook on Bitcoin. At the time I responded by saying that all I see is consolidation and didn't have a real prediction to make. (Here's a link to the recorded webinar if you missed it youtube.com/watch?v=A-zBd9LPCXE)
As I look at the chart today, although we're still consolidating, the candlesticks are telling me a heck of a story by the length of their wicks to the downside. Buying pressure is what I see at this level over the past few hours, so if I were a trader of this pair I would BUY!
No it's not a high probability trade. For those of you who were in the Combined Technical Score training yesterday we probably only have a CTS score of 1. But as a pure structure based trade it offers a good risk reward in my opinion. I wouldn't expect any crazy breakout of anything like that, but a move back across is certainly possible.
As I look at the chart today, although we're still consolidating, the candlesticks are telling me a heck of a story by the length of their wicks to the downside. Buying pressure is what I see at this level over the past few hours, so if I were a trader of this pair I would BUY!
No it's not a high probability trade. For those of you who were in the Combined Technical Score training yesterday we probably only have a CTS score of 1. But as a pure structure based trade it offers a good risk reward in my opinion. I wouldn't expect any crazy breakout of anything like that, but a move back across is certainly possible.
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