TheChartGuys

BTC Longer Term Downtrends Still Intact

COINBASE:BTCUSD   Bitcoin
There has been a lot of choppy action, short term volatility, and big spikes on 5 minute candlesticks.
This creates an unclear trading environment on the shorter term time frames,
and a trading environment where technical analysis is less of a useful tool.
I personally took months off from trading last time this was happening.
I certainly dont expect to take that long off here, but I am not trading or establishing positions until I see some clarity.
The first shift in momentum needed for bulls is holding $9,000 and breaking $9,730.
If we get a bear break I will be looking for 4 hour oversold conditions to begin scaling in for a bounce.
If bulls break $9,730 I will establish a game plan that allows me some small exposure for the potential the bulls can still change the daily trend back in their favor.

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