BTC looking set for a major move....
Months-long wedge "may" be closing and recent triangle plus up-trend (higher-lows) has many traders optimistic. By Oct 12th we should see a move in either direction. I've highlight how I think prices will move based on the exhibited Support/Resistance levels.
If price moves down, we should see price settle around $5,800 before deciding where it wants to go. If up, we should see price slow down around $7,600.
Bitcoin's natural volatility has made for some good range-trading in-between up/down trends. See the neon green boxes in my chart above....easy, repeatable 1-4% gains when BTC trading sideways. I'll be looking for more of these opps in the coming days, with $6,400-6,500 as a support level. If RSI dips on that line, I'll go long. If price gets up to the purple trend line AND a resistance line, I'll be looking to go short with a reasonably wide stop-loss. If price range-trades around the red zone, I may just remain neutral and buy back my portfolio after a dip down to $5,800. To be clear, I'm more short-biased, than long, in the next few months.
I'm looking forward to the launch of BAKKT in November to give the market a bit of a boost. Best news would be some reprieve from regulators or even approval of an ETF (maybe by Jan/Feb?).
If price moves down, we should see price settle around $5,800 before deciding where it wants to go. If up, we should see price slow down around $7,600.
Bitcoin's natural volatility has made for some good range-trading in-between up/down trends. See the neon green boxes in my chart above....easy, repeatable 1-4% gains when BTC trading sideways. I'll be looking for more of these opps in the coming days, with $6,400-6,500 as a support level. If RSI dips on that line, I'll go long. If price gets up to the purple trend line AND a resistance line, I'll be looking to go short with a reasonably wide stop-loss. If price range-trades around the red zone, I may just remain neutral and buy back my portfolio after a dip down to $5,800. To be clear, I'm more short-biased, than long, in the next few months.
I'm looking forward to the launch of BAKKT in November to give the market a bit of a boost. Best news would be some reprieve from regulators or even approval of an ETF (maybe by Jan/Feb?).
Feragatname
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