So here we are on June 8th and it seems like BTC is still working on its right shoulder.
I talk alot about patterns which confuses some people -here is a breakdown for you of how to trade the current situation.
Most analysits will give you a few likely scenarios - I don't like this. I am a trader just like the rest of you - so the calls I make are the calls I actually make.
Btc has a momentum to it that doesnt change until its forced to change. We have a situation now where we have been in a "bear market" for some time. I believe its a short term bear market and I am pretty sure that once we finish the H&S pattern and move lower toward the mid to low 6000's which is where I will wait to buy.
BTC is a bear market in a bigger bear market trapped in a bullish position.
I can draw triangles or point out the MACD or any other indicator but heres the bottom line. The market is going to pull BTC down as its been threatening for the last week. There is a clear pattern in play right now - there is debate as to whether it will go down after finishing the right shoulder or if it will breakout.
Being in the cash is never a bad situation if you are playing BTC for a profit. Have a clear entry and exit point. I say to buy in the 6000s and sell around 8500. Once we hit 8500 I anticipate a correction (opportunity buy again lower) before we keep trading.
Happy Trading!
I talk alot about patterns which confuses some people -here is a breakdown for you of how to trade the current situation.
Most analysits will give you a few likely scenarios - I don't like this. I am a trader just like the rest of you - so the calls I make are the calls I actually make.
Btc has a momentum to it that doesnt change until its forced to change. We have a situation now where we have been in a "bear market" for some time. I believe its a short term bear market and I am pretty sure that once we finish the H&S pattern and move lower toward the mid to low 6000's which is where I will wait to buy.
BTC is a bear market in a bigger bear market trapped in a bullish position.
I can draw triangles or point out the MACD or any other indicator but heres the bottom line. The market is going to pull BTC down as its been threatening for the last week. There is a clear pattern in play right now - there is debate as to whether it will go down after finishing the right shoulder or if it will breakout.
Being in the cash is never a bad situation if you are playing BTC for a profit. Have a clear entry and exit point. I say to buy in the 6000s and sell around 8500. Once we hit 8500 I anticipate a correction (opportunity buy again lower) before we keep trading.
Happy Trading!