CRYPTO of the week BTCUSD up trend postponed - lows challenged
BTCUSD 4H EUROPE UPDATE - 16/05/2018
Break of 8,208.81 earlier today denied the preferred view and we are now in a double correction against 8,900.90. Break above 8,900.90 but fail below 9,939.69 would mean FLAT from 4,208.81, there invalidation level to the downside is 9,939.69.
From current levels, next level of interest is 7,160.73-6,750.05 which is closing to 6,427.18. For now the structure from 9,939.69 is corrective but should it develops into motive 5 waves, bears might be taking control and uptrend postponed for some time. So caution is required here and there might other pairs to trade here.
NB: I have been stopped out below 8,208.81 but with risk free position (so stopped out at break even as explained previously). In my comments from this morning and also the video, I mentioned how taking the trade this morning against 8,208.81 was totally different than to take during the descent. Even with same level of entry, I did not lose money while those entered late did lose money ....
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Break of 8,208.81 earlier today denied the preferred view and we are now in a double correction against 8,900.90. Break above 8,900.90 but fail below 9,939.69 would mean FLAT from 4,208.81, there invalidation level to the downside is 9,939.69.
From current levels, next level of interest is 7,160.73-6,750.05 which is closing to 6,427.18. For now the structure from 9,939.69 is corrective but should it develops into motive 5 waves, bears might be taking control and uptrend postponed for some time. So caution is required here and there might other pairs to trade here.
NB: I have been stopped out below 8,208.81 but with risk free position (so stopped out at break even as explained previously). In my comments from this morning and also the video, I mentioned how taking the trade this morning against 8,208.81 was totally different than to take during the descent. Even with same level of entry, I did not lose money while those entered late did lose money ....
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
But have an eye on market. All good for now (count will be updated soon)