Would we finally see $2900 BTC?
Updated
What a boring 48hours!
1. Falling Wedge -. (+ve) Breakout
2. Descending Triangle -> (-ve) Breakout
Doesn't matter in what direction it breaks out from these patterns, in the end, everything points 2900. It will happen. The question is when. I've never seen any commodity reverse it's direction in the middle of nowhere.
Where BTC is atm, it's the middle of nowhere. Broke 3500 support. Has to test the next support. These are basic fundamentals of Trading. If a resistance is broken, the price seeks next resistance. It might not get to the exact resistance but it'll try to get there. Wick close to it or something.
We haven't seen that move yet.
Which is why I believe sooner or later, we'll get to 2900. I see no reason why BTC will call this home and move back up.
After dumping $100 just now, we are sitting at the bottom of the descending triangle.
Low liquidity weekend is here. The volume is any way dying. I just can't see it going up anymore.
How am I trading this?
Got into a SHORT earlier today at 3400. Closed it at 3360. I thought this side movement will continue for another 24 hours.
Now, I'm looking for a decent LONG term SHORT entry. 3340-3400 would be a good entry.
3400-3500 is better and anything higher is frigging awesome for a SHORT entry.
What are my indicators saying?
FOMO 1hr -> Red since 3460
FOMO 2hr -> Red since 3420
FOMO 4hr -> Red since 3400
HTL -> Turned Red around 3370
FOMO Momentum -> Showing extremely low buy momentum which is dying slowly.
When will I LONG?
When I see a reason to. :)
1. Falling Wedge -. (+ve) Breakout
2. Descending Triangle -> (-ve) Breakout
Doesn't matter in what direction it breaks out from these patterns, in the end, everything points 2900. It will happen. The question is when. I've never seen any commodity reverse it's direction in the middle of nowhere.
Where BTC is atm, it's the middle of nowhere. Broke 3500 support. Has to test the next support. These are basic fundamentals of Trading. If a resistance is broken, the price seeks next resistance. It might not get to the exact resistance but it'll try to get there. Wick close to it or something.
We haven't seen that move yet.
Which is why I believe sooner or later, we'll get to 2900. I see no reason why BTC will call this home and move back up.
After dumping $100 just now, we are sitting at the bottom of the descending triangle.
Low liquidity weekend is here. The volume is any way dying. I just can't see it going up anymore.
How am I trading this?
Got into a SHORT earlier today at 3400. Closed it at 3360. I thought this side movement will continue for another 24 hours.
Now, I'm looking for a decent LONG term SHORT entry. 3340-3400 would be a good entry.
3400-3500 is better and anything higher is frigging awesome for a SHORT entry.
What are my indicators saying?
FOMO 1hr -> Red since 3460
FOMO 2hr -> Red since 3420
FOMO 4hr -> Red since 3400
HTL -> Turned Red around 3370
FOMO Momentum -> Showing extremely low buy momentum which is dying slowly.
When will I LONG?
When I see a reason to. :)
Note
Right after I published this. Broke the descending triangle.
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