Pullback On The Way? Rejection Wick On Week Chart
Updated
I've been surprised that BTC has gone so far without any real pullback.
I've been scalping long but haven't taken nearly as much as I should from the markets since I was cautiously expecting a pullback and have not held my winners as long as I should have.
It is now forming a large rejection wick on the week chart which means it it probably getting ready for the pullback I've been waiting for.
It may take a month or two for it to play out. Maybe the 2nd half of August. When it does and forms a rejection wick to the downside I will be getting in long with large size.
I think this is a bad place to be making any trades other than tiny intraday scalps because it is likely to start a large choppy countertrend move.
I also think that since all the pundits are talking about 100k bitcoin and the like that this is about the point in the cycle where the sheep buy at the top. So, I would really be VERY CAUTIOUS with this market and only trade with tight stops if at all.
I've been scalping long but haven't taken nearly as much as I should from the markets since I was cautiously expecting a pullback and have not held my winners as long as I should have.
It is now forming a large rejection wick on the week chart which means it it probably getting ready for the pullback I've been waiting for.
It may take a month or two for it to play out. Maybe the 2nd half of August. When it does and forms a rejection wick to the downside I will be getting in long with large size.
I think this is a bad place to be making any trades other than tiny intraday scalps because it is likely to start a large choppy countertrend move.
I also think that since all the pundits are talking about 100k bitcoin and the like that this is about the point in the cycle where the sheep buy at the top. So, I would really be VERY CAUTIOUS with this market and only trade with tight stops if at all.
Note
Weekly candle is close to turning red with a huge wick on top. If I had an account capable of shorting BTC I would be looking to use the wick top as a stop. As it is I am just going to wait for BTC to roll around and buy it up in a few weeks or months and in the mean time focus on other markets.
Note
Week candle now red meaning bulls have not been able to hold the line.Note
I forgot I can short this on kraken so I've been scalping short here and there. I am really not very interested on longs until btc sees some pain. The volatility is high enough that if a long scalp presents itself I might take it but overall I have a short bias.
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