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BTC/USD: Now where was I? Let's pick up where we left off..
Weak volume and RSI still a bit too high. Notice green dots on chart. Almost there.
However, clear uptrend based on multi year line. Lower highs seem to be converging with higher lows overall on the macro level. Much more consolidation within an increasingly tighter range is likely (e.g. 6100-6400) for the next few months or so, until buy volume pushes us out of this micro down trend.
*Premise of this analysis: 5800 is well supported. If that is broken, this trading paradigm is invalidated.
1. 6500 was clearly rejected today with decent resistance. But yet still not safe enough to short, unless scalping or day trading vigilantly.
2. I'm not gonna fight for scraps at 5800, and would rather layer in some longs a little higher around 5880, with a SL at 5799. This way I can sleep at night!
3. Target 6800. Needs to break this key level with volume in order to push further to 7500, and beyond. Might consider closing long at 6800 or taking profit, whatever suits your strategy best. If 68 fails, might be a nice short, but too early to tell for a newb charter like me :-)
I learn something from everyone, so please share your take on this.
****Good luck...we're all counting on you!
However, clear uptrend based on multi year line. Lower highs seem to be converging with higher lows overall on the macro level. Much more consolidation within an increasingly tighter range is likely (e.g. 6100-6400) for the next few months or so, until buy volume pushes us out of this micro down trend.
*Premise of this analysis: 5800 is well supported. If that is broken, this trading paradigm is invalidated.
1. 6500 was clearly rejected today with decent resistance. But yet still not safe enough to short, unless scalping or day trading vigilantly.
2. I'm not gonna fight for scraps at 5800, and would rather layer in some longs a little higher around 5880, with a SL at 5799. This way I can sleep at night!
3. Target 6800. Needs to break this key level with volume in order to push further to 7500, and beyond. Might consider closing long at 6800 or taking profit, whatever suits your strategy best. If 68 fails, might be a nice short, but too early to tell for a newb charter like me :-)
I learn something from everyone, so please share your take on this.
****Good luck...we're all counting on you!
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