BTCUSD - Food for thought from The New Guy on the block.Bitcoin and other Cryptos have not been an interest of mine until recently. However, sticking to the market technical's of smart money traders, I have seen some interesting price action in BTC of late and have actually entered a trade (for he second time ever in my 10 years trading) in the beast that is Bitcoin.
This chart will undoubtedly look foreign to most and the idea and principles behind it obscure. However, there is a reason for that.... its not retail level investing.
First and foremost, BTC looks to be in the eyes of the people again recently which, to me, means only one thing! Bad news. When everyone starts getting on board, that's when smart money are existing the market. For me, BTC looks ready to head lower again. I am not calling it at $1 however lower is in my view.
We look at the H4 chart for The Beast and can see a lovely run on stops. By this I mean we have a high posted and oh, what follows, another high. Thus creating the "run on stops" which, were artificially engineered in the first place by the first high forming. Admittedly it is early to be in the trade from a low risk perspective as the ideal scenario for the entry would be once we have seen the low broken (see image) and then a trade higher to collect more of the all important liquidity from all the "Breakout" gamblers, I mean traders, with stops within the range of the accumulated orders.
My second entry will be looking for shorts again from the area highlighted as the "order collection block" with a view of Target 1 being down at around the 8000 mark.
For all you Crypto try hards, a measly $1000 dollar move probably doesn't excite you too much. But it will put fuel in the Lambo for a few weeks! ;)
Happy to hear feedback and comments from all.
