This is a range play and an idea that is quite appealing to me. We love to talk about broken pennants, but if you've been like me and drew triangles over the last 2 months you're no stranger to fakeouts. This graph loves to drag things out and disappoint as many people as it can.
This is a trade with a tight SL that I'm taking now as a hedge against my ALT shorts. Thesis is the daily bullish divergence on the RSI. If you believe I'm reading this div wrong please let me know.
If Bitcoin capitulates now the RSI will break the support level, hit the SL, my shorts make money. I think it will bounce off it instead.
Keep in mind this is a hedge for me so may be too risky for you if you're not short otherwise, as I think the alts will depreciate against BTC anyways.
Will BTC capitulate? Yes. Is it now? Probably not.
Short term target of 36K, SL 32k
Not advice
This is a trade with a tight SL that I'm taking now as a hedge against my ALT shorts. Thesis is the daily bullish divergence on the RSI. If you believe I'm reading this div wrong please let me know.
If Bitcoin capitulates now the RSI will break the support level, hit the SL, my shorts make money. I think it will bounce off it instead.
Keep in mind this is a hedge for me so may be too risky for you if you're not short otherwise, as I think the alts will depreciate against BTC anyways.
Will BTC capitulate? Yes. Is it now? Probably not.
Short term target of 36K, SL 32k
Not advice
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Hit my updated SL at 33.4k. Will see if the daily bullish divergence bounces on the trendline again.