BTCUSD No Man's Land
Last post on the 6th –
The market has moved along the mid-line of the channel and appears to be taking the faster of my two predictions to the downside. A breakout above $7758 followed by $8379 will change my mind on the bearish bias.
Big picture –
A lot of the hot air has come out of the market the past six months. With the MFI & Stochastics well below their mid-ranges, there doesn’t seem to be *much* more price reduction to be had. Not worth betting on just yet though.
Less big picture (main chart) -
Still well within the down channel and under fast & slow moving averages. The MFI never broke out >60 and is turning down and the stochastic cross is confirming that move. The market is already near some structure at the $7000 range and there isn’t much below there until the mid 5k’s. Looks like Christmas is coming early if the market breaks that range and heads <4k.
What I’m looking for to go short –
A run up to the top of the channel, a few 4h wicks showing resistance, enter with a stop just above. TP at mid-channel, move stop to breakeven, see if price heads to the bottom.
To go long –
Price at the bottom of the channel, close above the 20 EMA (orange), MFI & stochastic confirmation with breakout >60. TP at mid-channel, move stop to breakeven, see if price heads to the top.
Questions, comments or concerns on the plan are welcomed below. Let me know how you’re playing it.
The market has moved along the mid-line of the channel and appears to be taking the faster of my two predictions to the downside. A breakout above $7758 followed by $8379 will change my mind on the bearish bias.
Big picture –
A lot of the hot air has come out of the market the past six months. With the MFI & Stochastics well below their mid-ranges, there doesn’t seem to be *much* more price reduction to be had. Not worth betting on just yet though.
Less big picture (main chart) -
Still well within the down channel and under fast & slow moving averages. The MFI never broke out >60 and is turning down and the stochastic cross is confirming that move. The market is already near some structure at the $7000 range and there isn’t much below there until the mid 5k’s. Looks like Christmas is coming early if the market breaks that range and heads <4k.
What I’m looking for to go short –
A run up to the top of the channel, a few 4h wicks showing resistance, enter with a stop just above. TP at mid-channel, move stop to breakeven, see if price heads to the bottom.
To go long –
Price at the bottom of the channel, close above the 20 EMA (orange), MFI & stochastic confirmation with breakout >60. TP at mid-channel, move stop to breakeven, see if price heads to the top.
Questions, comments or concerns on the plan are welcomed below. Let me know how you’re playing it.
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