A Daily EQ inside a Weekly EQ. Bulls need to break 3915USD!!
Updated
Bitcoin is currently trading within a DAILY EQUILIBRIUM pattern. As you will know from my previous crypto weekly analysis, BTC is also trading within a WEEKLY EQUILIBRIUM with a recent weekly high potentially being set. Personally as a trader, I make the most money upon longer term EQ breaks, and the tighter things get, the more money there is to be made upon a break. Please read below for my current position in the market and for key prices to be watching to plan trade set ups off.
For the short term I am holding a neutral position and will sit out of the market and see if the bulls can test the 3915USD area. If the bulls can test the top of the DAILY EQ at 3915USD then this will lead to good trade set ups for both long and short positions.
By a good trade set up I mean, the ability to enter a position with an effective stop loss in place. e.g entering a position where you have significant support 1% below the price.
PRICES TO WATCH:
Top of Daily EQ- 3915USD (Bulls needs to push through and then look to test weekly EQ resistance)
Bottom of Daily EQ - 3679USD (If bears push price downwards of EQ then will look to test weekly EQ support in 3300USD area)
Of course as the macro trend is still bearish I will always be favouring short positions and would enter short if forced to be in the market. However, at the moment I would prefer to wait for a more favourable outcome for myself as a trader.
I am the unemotional, devotional trader that society doesn't deserve, but needs!
For the short term I am holding a neutral position and will sit out of the market and see if the bulls can test the 3915USD area. If the bulls can test the top of the DAILY EQ at 3915USD then this will lead to good trade set ups for both long and short positions.
By a good trade set up I mean, the ability to enter a position with an effective stop loss in place. e.g entering a position where you have significant support 1% below the price.
PRICES TO WATCH:
Top of Daily EQ- 3915USD (Bulls needs to push through and then look to test weekly EQ resistance)
Bottom of Daily EQ - 3679USD (If bears push price downwards of EQ then will look to test weekly EQ support in 3300USD area)
Of course as the macro trend is still bearish I will always be favouring short positions and would enter short if forced to be in the market. However, at the moment I would prefer to wait for a more favourable outcome for myself as a trader.
I am the unemotional, devotional trader that society doesn't deserve, but needs!
Note
As you can see guys, this resistance zone has remained very significant. Still the price to break for bulls short term. Check out my most recent publication for a more detailed BTC analysis with new trade plans.
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