We're still flat BTCUSD from previous week, after having closed our longs with a nice 10-15% profit. For the coming week 10 i'm expecting chop if BTCUSD keeps moving up, meaning i'll most likely be sideline. In case it back tests lower levels again, i think the buy opportunity might only occur end of next week or the week thereafter. So basically i'm expecting a fairly uninteresting week ahead (though i hope i'm wrong!!)
Some points and remarks anyhow:
- A breakout towards 13 k levels is not really something i want to trade and potentially will make BTCUSD uninteresting for another week or two, as previous price action might make things too choppy for my taste. By choppy i mean there will be no clear trading pattern and price will be "all over the place".
- I'de much rather see another back test of the 7-8k levels minimum and i'll be looking to buy 30% in case price reaches this range. Exact entry will follow in an update.
- The only scenario i might be scalping long is a strong runaway towards 13 k that could potentially run all the way to 16k, but i have strong doubts that will happen next week (again, i hope i'm wrong here too :))
What are your thoughts?
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Some points and remarks anyhow:
- A breakout towards 13 k levels is not really something i want to trade and potentially will make BTCUSD uninteresting for another week or two, as previous price action might make things too choppy for my taste. By choppy i mean there will be no clear trading pattern and price will be "all over the place".
- I'de much rather see another back test of the 7-8k levels minimum and i'll be looking to buy 30% in case price reaches this range. Exact entry will follow in an update.
- The only scenario i might be scalping long is a strong runaway towards 13 k that could potentially run all the way to 16k, but i have strong doubts that will happen next week (again, i hope i'm wrong here too :))
What are your thoughts?
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Potential pennant/ascending triangle:
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BTCUSD: I've added a buy limit of 30% @ 7474.9, which is the price meeting target of the Adam & Adam Double Top (A&A DT). Additionally, i'm closely watching for a slightly higher bottom in the green area and might enter a manual buy if the strongly bounces here.
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Looks like some events/news accelerated things for BTCUSD :coffee:
www.tradingview.com/chart/9vufUYTI/
www.tradingview.com/chart/9vufUYTI/
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My bad....
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I would be happy to see a daily doji close, as another full bodied red candle would form a three black crows, which signals weakness and a higher probability of maybe a lower low sub 5.9k levels.
thepatternsite.com/ThreeBlackCrows.html
thepatternsite.com/ThreeBlackCrows.html
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I'm scaling down my buy to 20%, because weekly looks like at best we bottom next week and a potential lower low than Feb might be a potential target to flush the longs.
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So the buy we have in place is waiting for a repeat dump and pump to form a double bottom and a rally up to 13-16k.
The pivot here is the 5.9k low of Feb. If we set a lower low, the downside risk increases, if it doesn't print a lower low, this could potentially be the basis for a rally until May (sell in May, then go away).
The pivot here is the 5.9k low of Feb. If we set a lower low, the downside risk increases, if it doesn't print a lower low, this could potentially be the basis for a rally until May (sell in May, then go away).
