DOT 4h OCT , price action + macro.
Updated
Price Action:
Not trying to be too precise with price action this time, just general price levels to watch.
Observing a rising wedge, scalping inside that band if you like very short term trades.
Longer term buys at ~3.95 price range with stops below in case that support breaks down.
Macro:
There's some correlation with the s&p and inverse correlation dxy and BTC has not decoupled yet.
Historically Oct has been bearish in the market. Uncertainty with the election supports this, as seen in 2000s with the elections after the DOTCOM bubble.
More uncertainty with the stimulus bill as well, so this month I'd trade more carefully with proper risk management.
Happy trading.
Not trying to be too precise with price action this time, just general price levels to watch.
Observing a rising wedge, scalping inside that band if you like very short term trades.
Longer term buys at ~3.95 price range with stops below in case that support breaks down.
Macro:
There's some correlation with the s&p and inverse correlation dxy and BTC has not decoupled yet.
Historically Oct has been bearish in the market. Uncertainty with the election supports this, as seen in 2000s with the elections after the DOTCOM bubble.
More uncertainty with the stimulus bill as well, so this month I'd trade more carefully with proper risk management.
Happy trading.
Note
fib extension for more downside due to bearish news (POTUS covid) , price reached here on ~Sept 5th correction. Caution with longs at buyzone of ~3.95. Congrats if you shorted at the sell area before the bitmex news.
Note
Keeping an eye on Mt GOX funds, staying out of entries for a bit unless something changes with that.Note
~3.96 key support brokenFurther bearish levels to look for entries for scalping bounces or entering short positions
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