What is holding us down and where do we find good entries?
Updated
BTC is having trouble penetrating the cloud and breaking the 100EMA. Also, in the same area is the 0.382 retrace of the move from 9990 to 5755. For swing trading we believe that this the middle of a no trade zone because of the bad RR. The 7780 – 7930 area should be treated as major resistance and the 7050 – 6850 area should be trated as major support. At these levels we will have good RR entries. If you bought the breakout of the IH&S now it could be a good time to take PARTIAL profits.
Comment
For intra-day trading we might have a good entry at the break of the pennant. A few days ago we warned you about a possible bump and reversal pattern but we only had a very shallow retrace and some sideways movement which created the pennant and a hidden bullish divergence on the RSI.
Comment
And this was the intra-day opportunity that we were talking about earlier. Unfortunately the bulls couldn't push the price not even to the lower boundary of the resistance zone.
Comment
The next intra-day trading opportunity will come at the break of the rectangle inside the ascending broadening wedge.
Comment
This is what we were talking about in the previous update.
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