Traps and Targets
Updated
Been very busy and its been a while since I posted. Apologies for that and thanks to all of you who keep up the good work.
In two minds here, which is a typical predicament with trading.
The 15th October spike that popped through the top of the long term triangle has been seen by some as a bear flag, and I can see their point, but for me there is more compelling evidence for a bull run. In the immediate future my thoughts are...
Currently BTC is looking to pull back before the next push. However there is a lot of pushing going on and the pull back is struggling to get a foot hold, so we keep getting sideways movement.
As a result I foresee a small upward movement above the very recent resistance triggering a small sell-off (Bull Trap).
This will then drop down to the support, the 'RSI 1Hr will hit oversold and bounce up to higher resistance levels (Bear trap). 'BTC will break out of the long term triangle and the 4Hr RSI move into overbought territory also.
How high it will go I am not sure, but will certainly be keeping a close eye on it.
This is all my opinion and its probably wrong ;)
In two minds here, which is a typical predicament with trading.
The 15th October spike that popped through the top of the long term triangle has been seen by some as a bear flag, and I can see their point, but for me there is more compelling evidence for a bull run. In the immediate future my thoughts are...
Currently BTC is looking to pull back before the next push. However there is a lot of pushing going on and the pull back is struggling to get a foot hold, so we keep getting sideways movement.
As a result I foresee a small upward movement above the very recent resistance triggering a small sell-off (Bull Trap).
This will then drop down to the support, the 'RSI 1Hr will hit oversold and bounce up to higher resistance levels (Bear trap). 'BTC will break out of the long term triangle and the 4Hr RSI move into overbought territory also.
How high it will go I am not sure, but will certainly be keeping a close eye on it.
This is all my opinion and its probably wrong ;)
Note
I trade in Euros. My analysis is done in Euros, then I convert to Dollars. This requires a little more work, but there you go.Interestingly here, the original Euro analysis is playing out quite nicely (aside from timing)
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