BTCUSD: Playing Noise On The Way To 6850.
BTCUSD update: The 6320 inside bar high has been taken out which equates to a long trigger. Since then price has been slow to rally which is not surprising in this environment. Even though the inverted head and shoulders is still in progress, there is a lot of indecision. And this indecision offers opportunities if you know what they look like.
Earlier today I published a trade article on S.C. for Litecoin. The article highlighted another swing trade idea which is in the form of a limit order. We have been fishing for better prices with limit orders because we are not in an aggressive freight train market. Instead we are in an order flow environment that is unsure of itself.
This means buying breakouts is going to be a tough game. Why take pain when you can take advantage of it instead? That is the premise behind placing limit orders under the market in this environment. As long as our bigger picture scenario is still in play, we are willing to take the risks associated with these types of orders.
We have an order sitting at 6120 which almost triggered a couple of days ago. This is within the 6167 to 5999 minor support zone (.618 of recent bullish swing). Any retest of this area will present a new buying opportunity as long as a reversal sign appears such as a pin bar.
Reasonable potential for this market is 6850 which is the recent swing high. If this market can get through that, the 7120 reversal zone boundary serves as the next target.
In summary, the next week should be an interesting one. All BTC needs is an unexpected catalyst to spark the squeeze. And this is not something an oscillator will help you with. Only the probability of the location along with best practices can at least guide you along the right path.
If our limit order never gets filled, that is okay because at S.C. we simply wait for the next opportunity to present itself. Missing trade setups will not wipe out your trading account, but forcing trades will. The only penalty you get for being patient is the one you put on yourself.
We are going to restrict our analysis and reports on S.C. to members only. Make sure to learn and observe what you can before we changeover.
Earlier today I published a trade article on S.C. for Litecoin. The article highlighted another swing trade idea which is in the form of a limit order. We have been fishing for better prices with limit orders because we are not in an aggressive freight train market. Instead we are in an order flow environment that is unsure of itself.
This means buying breakouts is going to be a tough game. Why take pain when you can take advantage of it instead? That is the premise behind placing limit orders under the market in this environment. As long as our bigger picture scenario is still in play, we are willing to take the risks associated with these types of orders.
We have an order sitting at 6120 which almost triggered a couple of days ago. This is within the 6167 to 5999 minor support zone (.618 of recent bullish swing). Any retest of this area will present a new buying opportunity as long as a reversal sign appears such as a pin bar.
Reasonable potential for this market is 6850 which is the recent swing high. If this market can get through that, the 7120 reversal zone boundary serves as the next target.
In summary, the next week should be an interesting one. All BTC needs is an unexpected catalyst to spark the squeeze. And this is not something an oscillator will help you with. Only the probability of the location along with best practices can at least guide you along the right path.
If our limit order never gets filled, that is okay because at S.C. we simply wait for the next opportunity to present itself. Missing trade setups will not wipe out your trading account, but forcing trades will. The only penalty you get for being patient is the one you put on yourself.
We are going to restrict our analysis and reports on S.C. to members only. Make sure to learn and observe what you can before we changeover.
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.