BTC trading range for the next few weeks
If you followed my previous trade on this same chart you already know how closely BTC is repeating itself. While there is a chance 'things will be different this time' the smart bet is to follow the winning trade.
Notice the perfect pattern of low volatility price consolidation, a sudden pump into an RSI squeeze, a sharp correction sending ROC from one side to the other, and then a swinging period of price discovery.
The RSI squeeze played out its primary correction so we have entered a looming period for the secondary correction. However, on another chart you will note that the chinese BTC futures reached negative values during the low to near 700 EUR, so there is a chance the secondary correction move has already played out.
The most probable move for the next month is a period of trading range between 800 and 900 EUR. After this period expect a final shakeout correction.
Keep a close watch at the 1 hour RSI or Godmode and sell into overbouth positions near 900 and buy into oversold positions near 800.
Notice the perfect pattern of low volatility price consolidation, a sudden pump into an RSI squeeze, a sharp correction sending ROC from one side to the other, and then a swinging period of price discovery.
The RSI squeeze played out its primary correction so we have entered a looming period for the secondary correction. However, on another chart you will note that the chinese BTC futures reached negative values during the low to near 700 EUR, so there is a chance the secondary correction move has already played out.
The most probable move for the next month is a period of trading range between 800 and 900 EUR. After this period expect a final shakeout correction.
Keep a close watch at the 1 hour RSI or Godmode and sell into overbouth positions near 900 and buy into oversold positions near 800.
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.