BTCUSD: Lower High Formation In Progress. Watching For 7335.
BTCUSD update: This market is in a slow grind right into a resistance area. As I wrote earlier on S.C., it may look inviting, but only if you want trouble.
The 7896 resistance defines the bearish reversal zone which price is just under. If price is going to fake out, it is most likely to do so near this area.
The more attractive area is the 7335 to 7213 minor support which is the .618 area relative to the current bullish swing. We don't know if price is going to retrace back here, but if it does, we will be looking for bullish reversal candles.
In summary, just because price is moving slowly higher does not make it any safer to enter. Let the market present a sensible opportunity. The worst thing you can do is force a trade. We have been reiterating this idea over and over again over the series of new articles that have been coming out. Wait it out, a more attractive reward/risk opportunity will eventually appear.
The 7896 resistance defines the bearish reversal zone which price is just under. If price is going to fake out, it is most likely to do so near this area.
The more attractive area is the 7335 to 7213 minor support which is the .618 area relative to the current bullish swing. We don't know if price is going to retrace back here, but if it does, we will be looking for bullish reversal candles.
In summary, just because price is moving slowly higher does not make it any safer to enter. Let the market present a sensible opportunity. The worst thing you can do is force a trade. We have been reiterating this idea over and over again over the series of new articles that have been coming out. Wait it out, a more attractive reward/risk opportunity will eventually appear.
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