BTC: Now is (finally) time to buy the dip

24 May 2021

1. On the hourly BTC is showing a small backtest of a RLCO-based breakout earlier today which provides an excellent dip buying opportunity at 35k flat. Stop loss would trigger upon a cross back to the downside (mid 3450s right now).

2. The 30-day Bollinger bands are trending narrower which suggests some sort of regression to the mean rather than further volatility.

3. The CMF is not showing clear bearish divergence on this micro rally.

24 May 2021

Not

1/2 Trade closed at 37900 upon rejection of the outer 2.6 STDV Bollinger band. BTW I'm trading the leveraged CME futures, so I can't really just hodl. Have to book at least some profits. SL at the bottom of the middle Bollinger band is now about 3% above breakeven.

We got +9% on this trade. Waiting for further direction from the market.

24 May 2021

Not

I may or may not be here to update this, but I have this thing programmed to close and re-enter as a short upon approaching 5 ticks from the upper 2.6 STDV bollinger band. Alternatively, we have stops at 37k and a buy order at 28,100.