BTCUSD - WHAT IS GOING ON?
Updated
Ok, we got stopped out in 1h. Testing waters (Check previous idea). That is trading, we lost 1 or 2% of our capital, we move on.
Let's step back a bit and see what is going on.
Daily bullish because 5 waves up (RSI divergence in daily checked, again ...), 4h I keep repeating neutral and now 1h is bearish in this cycle. So the road is bumpy, we should not expect bitcoin to skyrocket (yet)
Big guns are loaded already (daily time frame) and we need to public out of their long positions to fuel a rally to the upside.
So what should we do? Sell or buy. My choice is already made and shared with the patrons!
Let's step back a bit and see what is going on.
Daily bullish because 5 waves up (RSI divergence in daily checked, again ...), 4h I keep repeating neutral and now 1h is bearish in this cycle. So the road is bumpy, we should not expect bitcoin to skyrocket (yet)
Big guns are loaded already (daily time frame) and we need to public out of their long positions to fuel a rally to the upside.
So what should we do? Sell or buy. My choice is already made and shared with the patrons!
Note
Hmmm. Level reached. Reaction. Now it's the market to do its thing I guess.1h time frame a cycle from 28/03/2018 is completed (RSI trendline). Have to wait for confirmation on the 4h time frame for a turn. Until then, bears have the upper hand (as a reminder).
What did you do at 6,658.99? buy, sell or sideline.
Trade active
retraced 50% from 8,104.98 high - take profit and move stop to make risk free position, (initial risk was 2% of capital allocated to bitcoin and R:R=9.5 ) Lost 1.5% of capital allocated to bitcoin since 06/03/2018. Let's see this one trade.
Trade closed: stop reached
Stopped out at break even. Might have raised stop too early. Anyhow, there was a plan and I followed it. Earned 0, lost 0. Other possibility in 1h to come sooner than earlier. I have updated a new 1h chart as proposed to patrons 7 hours ago (at the time of this post).
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