BTC Update 8/5/2018
After the failure of the 7300 orderblock BTCUSD began its fall to the 6800 daily orderblock. The extension of the daily Bollinger Band caused price to be halted and remain around 7000.
The DBT MoMo alerted us with a double sell warning at the peak of 8500. Now that the MoMo extension has played out we are looking for a bounce to the mid Bollinger Band or a short term recovery to the 7300 orderblock.
Price failed to close inside the daily orderblock around 6800 causing a swing low failure. With the proper amount of volume and a break of the 7100 level we could see a long target of 7300 achieved. If you take the long trade here then you should be very cautious of a low volume failure back towards 6800. Use tight stops and ladder into your trades in this range. The overall trend remains bearish.
The DBT MoMo alerted us with a double sell warning at the peak of 8500. Now that the MoMo extension has played out we are looking for a bounce to the mid Bollinger Band or a short term recovery to the 7300 orderblock.
Price failed to close inside the daily orderblock around 6800 causing a swing low failure. With the proper amount of volume and a break of the 7100 level we could see a long target of 7300 achieved. If you take the long trade here then you should be very cautious of a low volume failure back towards 6800. Use tight stops and ladder into your trades in this range. The overall trend remains bearish.
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