As commented in the related ideas section about 
BTCUSD, the previous consolidation zone between the 2 white lines, which I expected BTCUSD to break out and hence placed the buy stop order at 71800, already failed on April 13 when BTCUSD broke DOWN its MA-50 on war news. The expected trade therefore was never triggered and I am cancelling it today.
Now we need to wait for a new pattern to come.BTCUSD is currently moving in a bigger consolidation zone which is 60,000 - 70,000. The zone is quite big (15%) to be considered a pattern, and the fact the BTCUSD is trading below its MA-50 makes it harder to take long position.
Waiting time..
BTCUSD, the previous consolidation zone between the 2 white lines, which I expected BTCUSD to break out and hence placed the buy stop order at 71800, already failed on April 13 when BTCUSD broke DOWN its MA-50 on war news. The expected trade therefore was never triggered and I am cancelling it today.Now we need to wait for a new pattern to come.
BTCUSD is currently moving in a bigger consolidation zone which is 60,000 - 70,000. The zone is quite big (15%) to be considered a pattern, and the fact the BTCUSD is trading below its MA-50 makes it harder to take long position.Waiting time..
Note
On May12, 2024, BTCUSD is back below its MA-20, MA-50. The move up above MA-20 last week (May 2-3) was rejected at MA-50.Both MA-20 and MA-50 are changing their direction to sideway and down, with the price trading below both.
With this situation, I still could not find a meaningful pattern for a long entry.
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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.