Long

BTCUSD Short-term trading plan

Updated

Now BTC is moving inside a falling wedge and has found support around 0.5 fib retracement. And we can see some bullish divergence start showing up on RSI. I think we may see upward movements soon today or tomorrow, assuming no very bad news coming out. It is still possible that it may fall to 8200 and test it again today. Personally I would start buying around and below 8300. You can trade at your own risk.

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So it breaks out. Now I will consider buying when it retraces a little bit.

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To be safe, I would unload some before each resistance. And I would buy them back if the inverse head & shoulder pattern is formed.

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The bounces are very weak. Be careful if you have a long position.

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Rising wedge again. It might reach 9100 resistance before breaking down.

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So it falls from the rising wedge one hour after I gave the warning. My target is 7600-7800.

If it moves as I predict here, it basically means the long-term bear market has come. If so, you can just short this beast whenever it bounces up. You will make good money from it.

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If it doesn't break the previous low 8271, it will be bullish in short-term. If it does break it, then it will most likely re-test 8k.

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I think this time is different. The whales are leaving. The first target is 7k6-7k8. Sell right after the bounce if there is any. The next target could be 7k or below.

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Weak bounce + no divergence = will dip more.

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They will likely pump it to the neckline of the double top - around 8300 and then drop it. Don't chase the pump if you didn't buy before the pump.

Callmepope

We don't trade patterns. We draw them.

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