Catching Knives or Bounces?
Updated
I've been liking how 
BTCUSD reacts to the mid-higher timeframe moving averages.
After having missed the large down move over the last day or so (hindsight analysis on the chart as well); I was under the impression we might see a bounce off the daily 10 SMA due to the extremely large volume gap.
Earlier today I placed a buy order just below the Daily 10 SMA, to account for a some liquidity spikes if we did indeed move further down to that range.
On the second h4 wick, my order was filled and price reacted nicely. Currently targeting the former broken Moving Averages as my take profit areas.
Thanks for looking!
BTCUSD reacts to the mid-higher timeframe moving averages.After having missed the large down move over the last day or so (hindsight analysis on the chart as well); I was under the impression we might see a bounce off the daily 10 SMA due to the extremely large volume gap.
Earlier today I placed a buy order just below the Daily 10 SMA, to account for a some liquidity spikes if we did indeed move further down to that range.
On the second h4 wick, my order was filled and price reacted nicely. Currently targeting the former broken Moving Averages as my take profit areas.
Thanks for looking!
Note
Reaction looking beautiful so far!Note
TP 1 has been hit.. Looking like a test of the 10 SMA is up next at TP2.. Let’s see!Trade closed: target reached
TP 2 has been hit! This trade was a successful long position taken at $10,555 and completely closed at $12,325.
A $1,770 move in less than 24 hours based entirely on higher timeframe moving averages.
Cheers and thanks for looking!
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