BTCUSD still just ranging...easy trade setup
BTC had a nice little dump to kick off 2020 but as you can see, per the 2-day Bitstamp chart, we are still just ranging, and the volume profile for the current consolidation period has us breaking out of this area some time around Jan. 15. As I write this we are having a short squeeze, which we were due for given the sudden surge in shorts we saw (I think about a 25% increase in the span of half an hour on Finex).
There's a very easy trade setup here: if we close a 2-day candle above 7550, go long. If we close a 2-day below 6880, go short. If you want to play it more conservatively, wait for a full open and close above or below those areas.
Picture is still extremely bearish and now we also have a kind of an inverted double cup and handle or M-pattern - whatever you want to call it. Whatever it is, it's a bearish pattern.
Cheers and happy trading.
There's a very easy trade setup here: if we close a 2-day candle above 7550, go long. If we close a 2-day below 6880, go short. If you want to play it more conservatively, wait for a full open and close above or below those areas.
Picture is still extremely bearish and now we also have a kind of an inverted double cup and handle or M-pattern - whatever you want to call it. Whatever it is, it's a bearish pattern.
Cheers and happy trading.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.