Looks simple enough, but I have a lot of thoughts in the background to arrive at my conclusions.
Summary;
If BTC breaks below this channel I expect to see another bounce off of 6000. Which would be a good thing. A double bottom would get traders excited and is a common reversal signal.
We should see traders starting to pile back in and ride that sucker back up to .... well not very far, perhaps 10,000 or 11,000 zones before they lose interest again. Traders are frightened easily these days in the "CC" market, so I expect several quick profit taking rallies. I would be very surprised to see us hit 15,000 before summer. I expect several swings from 7000 to 15000 range.
If that is what happens, I can trade the crap out of that.
Long-term I am still bullish. It's going to be a long bumpy ride back up the bull channel presenting many opportunities for swing traders like myself.
My ideas are based on but not limited to; wave theory, reversion to mean, trend theory, and trader phycology. Blended together I developed my value channel system.
I am not a professional trader or financial advisor.
I might be completely delusional. LOL.
Never risk more than you can afford to lose.
Risk Management Tips:
Just remember that 90% of traders will lose, so be smart and protect your capital as the highest priority.
Trading is gambling with an edge, but only if you stick to your rules. So why do you keep breaking them? Do you want to give money to the house?
Just assume you will lose your money, how much are you ok with. That's what you should trade with and no more.
Summary;
If BTC breaks below this channel I expect to see another bounce off of 6000. Which would be a good thing. A double bottom would get traders excited and is a common reversal signal.
We should see traders starting to pile back in and ride that sucker back up to .... well not very far, perhaps 10,000 or 11,000 zones before they lose interest again. Traders are frightened easily these days in the "CC" market, so I expect several quick profit taking rallies. I would be very surprised to see us hit 15,000 before summer. I expect several swings from 7000 to 15000 range.
If that is what happens, I can trade the crap out of that.
Long-term I am still bullish. It's going to be a long bumpy ride back up the bull channel presenting many opportunities for swing traders like myself.
My ideas are based on but not limited to; wave theory, reversion to mean, trend theory, and trader phycology. Blended together I developed my value channel system.
I am not a professional trader or financial advisor.
I might be completely delusional. LOL.
Never risk more than you can afford to lose.
Risk Management Tips:
Just remember that 90% of traders will lose, so be smart and protect your capital as the highest priority.
Trading is gambling with an edge, but only if you stick to your rules. So why do you keep breaking them? Do you want to give money to the house?
Just assume you will lose your money, how much are you ok with. That's what you should trade with and no more.
Appears the Range is holding and Repeating Ranges like this are tradeable.