BTC USDT 1h - Bullish outlook
Yesterday I was trying to trade a long position on BTC. I was anticipating the break of descending channel and price action moving upwards.
I was already stopped out of my position last night, when we saw a sudden drop in price to the middle of channel range. Now we have to wait again for the next move.
I'm prepared for both scenarios, but since we're in a descending channel, I'm looking for the break out upwards. Hence my targets are higher up.
The fact is that while we're descending, consolidations is becoming tighter and tighter each day - this is just calling out for sudden increase in volatility.
That drop in RSI and MFI last night is signaling that we should correct a bit higher, to get out of oversold area. Still, we can see a move down to support of the channel, before going higher.
Of course if we break below it, then further drop is imminent.
I'm staying out of the trade until we break $34,700 as I had 3 stop-losses hit recently and I'm not in the mood to loose more in this indecisive action.
I was already stopped out of my position last night, when we saw a sudden drop in price to the middle of channel range. Now we have to wait again for the next move.
I'm prepared for both scenarios, but since we're in a descending channel, I'm looking for the break out upwards. Hence my targets are higher up.
The fact is that while we're descending, consolidations is becoming tighter and tighter each day - this is just calling out for sudden increase in volatility.
That drop in RSI and MFI last night is signaling that we should correct a bit higher, to get out of oversold area. Still, we can see a move down to support of the channel, before going higher.
Of course if we break below it, then further drop is imminent.
I'm staying out of the trade until we break $34,700 as I had 3 stop-losses hit recently and I'm not in the mood to loose more in this indecisive action.
Hi there, join our community here: t.me/TheCoinStags_community
Autonomous bot trading is in the works, will be available soon to the public!
Autonomous bot trading is in the works, will be available soon to the public!
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.