BTCUSD- Short Term Trade Set Up
Updated
Hi all,
I'm taking a look at the current movement of BTC 4.64% . The MA is showing signs of a bullish crossover, and these next few hours will prove to be pivotal. The last bullish crossover we had that was of any significance was back in April, excluding this fake out bullish cross that occurred on the 8th of July.
For the near short term, we can find a sideways resistance around 6700 (red arrow), and a sideways support around 6400 (green arrow). We of course have a major horizontal resistance around 6840. Major horizontal support brings us around 5800.
If we breach the red line, consider opening a long and taking profit at the horizontal support. If we breach the green line, consider opening a short and re-entering at the sideways white line. Be sure to set a tight stop loss for any of these trades, as the movements may prove to be quite impulsive at the drop of a dime.
If this post gets enough love, I will provide live updates.
Happy trading!
I'm taking a look at the current movement of BTC 4.64% . The MA is showing signs of a bullish crossover, and these next few hours will prove to be pivotal. The last bullish crossover we had that was of any significance was back in April, excluding this fake out bullish cross that occurred on the 8th of July.
For the near short term, we can find a sideways resistance around 6700 (red arrow), and a sideways support around 6400 (green arrow). We of course have a major horizontal resistance around 6840. Major horizontal support brings us around 5800.
If we breach the red line, consider opening a long and taking profit at the horizontal support. If we breach the green line, consider opening a short and re-entering at the sideways white line. Be sure to set a tight stop loss for any of these trades, as the movements may prove to be quite impulsive at the drop of a dime.
If this post gets enough love, I will provide live updates.
Happy trading!
Note
We wicked at the sideways resistance, so I would expect some short term downside to follow.Note
Caution to the wind. I'm not fond of the current movement...Note
This looks like a textbook rejection if I've ever seen.
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