Bitcoin- What I would like to see to open a trade (buy or sell)
Yesterday I said that BTC doesn't show any power to the upside, but, even if I'm bearish overall, let's be honest, bears are also dead and lack conviction.
So, at this moment, I sit and wait with a clearlettingin my mind:
1. Bullish scenario:
What I would like to see for opening a buy trade is a false break under the range's support (28.500) and a strong reversal back inside the range and above 30k. That for me is an indication that bulls are not letting Bitcoin drop and this is accumulation.
2. For a sell trade:
Would be exactly the opposite, a false break above 31k resistance and a quick drop around support. That for me is a sign that this was distribution.
For the obvious reasons, I will not trade the break in Bitcoin's case at this moment
So, at this moment, I sit and wait with a clearlettingin my mind:
1. Bullish scenario:
What I would like to see for opening a buy trade is a false break under the range's support (28.500) and a strong reversal back inside the range and above 30k. That for me is an indication that bulls are not letting Bitcoin drop and this is accumulation.
2. For a sell trade:
Would be exactly the opposite, a false break above 31k resistance and a quick drop around support. That for me is a sign that this was distribution.
For the obvious reasons, I will not trade the break in Bitcoin's case at this moment
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