BTCUSD decision time, 6 or 7
Scenario 1 (green) - the grey area gets passed and BTC heads towards the next big resistance @ 7K.
Scenario 2 (red) - top line of the triangle (grey) acts as a resistance and BTC heads back to 6K.
I am leaning towards 2 scenario and opened a small short @ 6530 with a tight stop. However, 4hr RSI chart shows that there is still some power left in that movement so 7K is also reachable imo. Will be adding more to my short once I get a confirmation that we are actually moving down. If I get stepped out I'll be on the sidelines.
Good luck and stay safe!
Scenario 2 (red) - top line of the triangle (grey) acts as a resistance and BTC heads back to 6K.
I am leaning towards 2 scenario and opened a small short @ 6530 with a tight stop. However, 4hr RSI chart shows that there is still some power left in that movement so 7K is also reachable imo. Will be adding more to my short once I get a confirmation that we are actually moving down. If I get stepped out I'll be on the sidelines.
Good luck and stay safe!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.