BTC Bounced. Still In The Bear Woods.

BTC bounced up through the EMAs on the lower hourly time frames, but we are still in the woods. As you can see from the last trend, we tested the EMAs at least 5 times on the last descent with little traction before we resumed a positive uptrend. Many traders have been calling for bull flags and similar upward movements, but I think we need more time.

We are also around 14% off of the lower trend line near $5,400.

My Position: I have been short since $6,480 and will stay there until I see enough bull signs with positive volume and price action to match.

Set stops above resistance at $6,500-6,600 region.

I am not a financial analyst. Only trade what you are willing to risk. Risk = reward though and fortune favors the brave.
fortis Fortuna adiuvat

Komentarz:

Triggers for buying and selling - Watch RSI on the 4 hour chart.
Take profits at any RSI double bounce after a drop past 30 RSI.
Resume shorting at 60 RSI range if bear trend is continuing.
Set short stops above 60 RSI.
Buy breakouts if stop is hit and price action/volume is strong.

How to trade:

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Updating and closing out old ideas. It was validated.