PLEASE! STOP BORING US BTC!!!!!!!
I know that this is exactly what you are thinking, but please, calm down.
BTC is trading inside a range in the last 24hrs. A range is a region where the price fails to develop a trend, crabwalking with unordered tops and downs. If we trace a fibonacci measure inside a range, we will find that between 38% and 62% is a strong reversal zone. In the last 10 hours the price describes what may seem like a pivot and for the first time after breaking the '200s, the price is being contained bellow it. We might see the price breaking the range downwards in the next few hours.
Good sign is that MACD is stable and negative, with the signal line bellow the '9s average. This shows that the price may have energy to break down in direction to 40,000.
HOW TO TRADE THIS $#17?
Wait the break. Can you see that the '200s have a positive inclination? This can attract the price back to it at any moment. We want to see the '200s pointing down before anything and we want to see a confirmation after the break of the range. What is a confirmation RedArticuno? A confirmation, at this case, may be a pullback to the range's bottom line, or a true downwards pivot after it.
Until that, please be carefull. Specially rookies. This is a very dangerous cenario. All the averages are working very close each other. It's is very easy in this situation to see a thing that is not happening.
My personal recomendation would be to ease your hand and trade a quarter of the volume you usually trade. Next week we may see very good oportunities showing up, but in this week our goal is survive.
Grab a beer, sit back and relax watching the storm.
STAY TUNED AND BE PROFITABLE
If you want to know more about how we trade here, check out RedArticuno's playbook
