XBTUSD - Bitcoin LOVES these simple tightening moments
Bitcoin is setting up its next move. As part of my simple MA strategy, this is as good as it can get.
I chose the 12H timeframe because it shows confluence of two important aspects - one, the tightening range shown in the chart. Two, the fact that the 12H 100MA is the same as the DAILY 50MA, which has been proving to be tough resistance.
A good indicator of the most likely scenario is on the 4H chart, where the same tightening range is happening. It can give us an early clue as to what comes next. I will NOT act on the 4hr break, just on the 12H.
I'll be waiting for a clean break with volume to either side and finding my entry point accordingly, on a smaller timeframe retest.
I chose the 12H timeframe because it shows confluence of two important aspects - one, the tightening range shown in the chart. Two, the fact that the 12H 100MA is the same as the DAILY 50MA, which has been proving to be tough resistance.
A good indicator of the most likely scenario is on the 4H chart, where the same tightening range is happening. It can give us an early clue as to what comes next. I will NOT act on the 4hr break, just on the 12H.
I'll be waiting for a clean break with volume to either side and finding my entry point accordingly, on a smaller timeframe retest.