btc/usd: area of indecision
A fast update un btc/usd.
This pattern, reminds me a bearish trend, with bearish price action.
We had a rise, btc did a top (F) on 6 september as i said on my cyclical analysis:
and now is doing some lower lows ( I-O-Q). My theory is that if btc won't close an h4 candle above 10200 (blue dashed line), there is no reason to be bullish!
As you can see, each bounce is being sold before reaching the previus high (F-N-P) and we had lower lows.
But there are some bullish stuff here:
- MFI shows a good bullish divergence and a very small bearish divergence;
- DI- is going down while the price is going down--> bullish;
- DI+ is going up while the price is going down--> bullish;
- ADX shows that the strenght of the actual trend (bearish), is getting weaker--->bullish
So what to do?
- If btc closes h4 above 10200, it's possible to try a long with 10500-10600 as first target
- For the short i think this is a good area to enter (10150-10250); stop loss at 10400, target 9400-9500
Looking at the cyclical analysis, in this moment 9500 is the logical target. I am already short and i keep shorting, but who knows!
This pattern, reminds me a bearish trend, with bearish price action.
We had a rise, btc did a top (F) on 6 september as i said on my cyclical analysis:
As you can see, each bounce is being sold before reaching the previus high (F-N-P) and we had lower lows.
But there are some bullish stuff here:
- MFI shows a good bullish divergence and a very small bearish divergence;
- DI- is going down while the price is going down--> bullish;
- DI+ is going up while the price is going down--> bullish;
- ADX shows that the strenght of the actual trend (bearish), is getting weaker--->bullish
So what to do?
- If btc closes h4 above 10200, it's possible to try a long with 10500-10600 as first target
- For the short i think this is a good area to enter (10150-10250); stop loss at 10400, target 9400-9500
Looking at the cyclical analysis, in this moment 9500 is the logical target. I am already short and i keep shorting, but who knows!
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