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Shorting Bitcoin an Daily ChartThe bears are in full charge! BTC has been in an ascending triangle for the past few days and is about to break down to the downside. According to TD-Indicator rules you can enter a short trade when a red 2 starts trading below a red 1. As you can see in the chart, this condition will most likely be met today (Maybe even while I am typing this) The TD-Entry is below the ascending triangle which is a great confirmation for the short play. Interestingly enough the target based on traditional rules of the ascending triangle hits the 50MA + another support/resistence line based on the price action from the past 6 weeks. Good luck trading
COINBASE:BTCUSDShort
by rlyyy
Green TD9 + Stuck between 50MA and sym. triangle resistanceThings are getting interesting. BTCUSD on 4h chart hit a green TD-9 (Signal for taking profit). The 9 candle broke through the upper side of the symmetric triangle, but closed below it. This it why entering a trend continuation position prematurely on a TD-9 can get you wrecked. Patient traders will be rewarded if they wait until a actually candle closes above the resistance line. According to TD-Indicator rules the highest probability is a 1-4 candle correction and a new green countdown. Keep in mind that the higher time frames have more weight. For me they still look slightly bearish. Two possible scenarios: 1. BTC breaks through the resistance of the symmetric triangle and closes above it -> Enter Long Trade as soon as a green 1 starts trading above a green 2 (according to classic TD-Indicator rules) Textbook entry since the point is clearly outside the triangle. 2. Closing of one of the next 2-4 candles below the 50MA -> Keep calm and don't trade. Always remember: No entry is actually a position...the position not to lose your money. Your opportunity will come. Be patient and wait how this triangle breaks out. ********* TD Momentum Indicator (free) : Join our Telegram group for TD-Indicator Trading advice: t.me
COINBASE:BTCUSD
by rlyyy