Bitcoin / TetherUSShort
BTC could be in a range
Updated
Hey Traders,
I've drawn important levels in the chart.
Blue box is the price level where the most trades happened. Based on this, I see a potential range because of the fact that this blue box is the 0.5 level of the potential range area.
As you may see in the chart, the volume is low toward the current price in the trend. I interpret this as a weakness in the trend. Hence, it should accumulate some volume. For this purpose, the price may perform in many pattern: upper triangle, range, double bottom etc. Regardless, we can trade on important levels and let the price act.
For this reason, I see a short opportunity right now. You may have your shorts but be careful about your position. There could be liquidate hunt above the range area and fall on the 0.5 level of the range. Taking this into account, I will short here with relatively small margin, and if that happens, I will add a little above range high. I will stop 2-3% of my entry. Since I expect volatile movements, I haven't specified short position here due to stop hunts. Decide based on your risk.
And then I will have long position, which is specified in the chart.
I've drawn important levels in the chart.
Blue box is the price level where the most trades happened. Based on this, I see a potential range because of the fact that this blue box is the 0.5 level of the potential range area.
As you may see in the chart, the volume is low toward the current price in the trend. I interpret this as a weakness in the trend. Hence, it should accumulate some volume. For this purpose, the price may perform in many pattern: upper triangle, range, double bottom etc. Regardless, we can trade on important levels and let the price act.
For this reason, I see a short opportunity right now. You may have your shorts but be careful about your position. There could be liquidate hunt above the range area and fall on the 0.5 level of the range. Taking this into account, I will short here with relatively small margin, and if that happens, I will add a little above range high. I will stop 2-3% of my entry. Since I expect volatile movements, I haven't specified short position here due to stop hunts. Decide based on your risk.
And then I will have long position, which is specified in the chart.
Note
It starts accumulating on the upper band. I will be waiting for a wick to yellow box.
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