I am building a short term Long position here. This is a risky trade due to the fact I do not believe we are completely out of the woods yet. My take profit target is 9k staggered up to 10k.
BTCUSD
I am setting my stop loss slightly below 6k. I see a possible entry here that out performs the risk ratio.
I am watching the 6 hour Kijun-sen (Base Line) & Tenkan-sen (Conversion Line) for a possible slow down and reversal at which point I will close my long if the buy volume weakens around there.
The Daily looks great...
But our weekly still shows a few more weeks of Bearish activity if we trust the TD sequential for exhaustion, we don't typically complete a full bearish TD count on the weekly so it is something I will be watching closely.
Conclusion
We see a short term struggle with bullishness; We ride 1-4 days of mild bullishness then continue the current trend downward back to our last bounce at $6,000
BTCUSD
I won't believe we are Bullish until I see multiple confirmations on multiple time frames which I will cover in a later post at a later time. Until then I will be riding these channel trades expecting a bearish continuance.
BTCUSD
I am setting my stop loss slightly below 6k. I see a possible entry here that out performs the risk ratio. I am watching the 6 hour Kijun-sen (Base Line) & Tenkan-sen (Conversion Line) for a possible slow down and reversal at which point I will close my long if the buy volume weakens around there.
The Daily looks great...
But our weekly still shows a few more weeks of Bearish activity if we trust the TD sequential for exhaustion, we don't typically complete a full bearish TD count on the weekly so it is something I will be watching closely.
Conclusion
We see a short term struggle with bullishness; We ride 1-4 days of mild bullishness then continue the current trend downward back to our last bounce at $6,000
BTCUSD
I won't believe we are Bullish until I see multiple confirmations on multiple time frames which I will cover in a later post at a later time. Until then I will be riding these channel trades expecting a bearish continuance.
All posts are for educational purposes and are simply my views of markets conditions.
Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.
