Bitcoin Gold / Bitcoin - 240 Binance - Squeeze incoming?
Very simple setup forming on BTGBTC, currently respecting short term uptrend as it approaching a level of resistance.
As price continues to rise here, we can see Volume decreasing along the way. I will be waiting for a break up or down out of the squeeze point near resistance.
For the short option, I will be watching for changes in market structure as we approach resistance, after a clear break in trend a LH formed.
Alternatively for the Long I want to see a break (with volume backing it) and retest of the 0.001500 level, before entering long.
For risk management on this trade I will be using a max of 1% Risk of account as this coin was lots of large wicks both directions indicating a higher level of risk.
If price breaks down early, not up near resistance there will be no trade for me and the Risk-reward wouldn't fit my trade plan (minimum 2:1).
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