Long

Stupid Willy and Consolidating Market

1385
No Historical Analysis, just a simple trade setup. A few reasons behind it:

  • Macd is about to cross up
  • Very simple but elegant RSI trendline can be broken if we close the daily in a favorable position
  • Willy is stupid, which is a very difficult thing to do without a major market crash (see $275)
  • Bollinger bands are tight on every timeframe under 12hr.
  • Futures markets are trading at a slight discount now which is rare for them.
  • Close to the bearish trendline from $300. If we go sideways until we nestle under it that would be 10\10 ideal.
  • Shorts on Bitfinex at ATH's


I am expecting a 10-15% move in the direction chosen. Upward would mean $250. Downward would mean $192 likely. I have my bullish bias as always however, hence the "long" tag on this chart. The longer we wait and let the market consolidate the better and bigger the move will be.

Good luck and best of trading!

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