BTC is in a no trade zone for me at the moment.
It is still in its downtrend and is bouncing off the red ichi and 50ma at the moment. I want to see the price come down and bounce off that support once more to confirm it and might risk a small long on that bounce, but a break of that support, even a little one could lead to a test of $8500, so set a stop loss below that support and stick to it.
Most likely Scenarios: BTC comes down with the 4hr Stoch and retests that support its forming and potentially continues to creates an Adam and Eve Bottom; It goes up from here and confirms a W bottom by breaking the shorter term downtrend (red line) - I doubt this will happen, though, The daily RSI shows that this is possible; Or it is creating a bear flag and will soon go for a third leg down on this correction. In the event of the last happening I recommend Long between 9500-8500 with a stop at 8200 just to be ultra conservative. I am not convinced we are in a longer term BTC bear yet - still waiting and watching.
It is still in its downtrend and is bouncing off the red ichi and 50ma at the moment. I want to see the price come down and bounce off that support once more to confirm it and might risk a small long on that bounce, but a break of that support, even a little one could lead to a test of $8500, so set a stop loss below that support and stick to it.
Most likely Scenarios: BTC comes down with the 4hr Stoch and retests that support its forming and potentially continues to creates an Adam and Eve Bottom; It goes up from here and confirms a W bottom by breaking the shorter term downtrend (red line) - I doubt this will happen, though, The daily RSI shows that this is possible; Or it is creating a bear flag and will soon go for a third leg down on this correction. In the event of the last happening I recommend Long between 9500-8500 with a stop at 8200 just to be ultra conservative. I am not convinced we are in a longer term BTC bear yet - still waiting and watching.