I think the 4h chart is clearest on BTCUSD . After the big run down we have a very nice (and popular) Rally. On the 4H chart price has come to the 200EMA and bounced away. Note, how there there is not one bar thats’s closed above the . We are now back below the and the $9917 (The Black Line). We need a decisive buying bar to close above these levels before we can get into another BUY.
Our option is to look for a Pullback the obvious level is the confluence between our 20 (The Blue Line) and the 9507 resistance (The Red line). The problem with this area is its hard to get a decisive buying bar and room for profits before the level above which will still be holding.
I am not going to enter another position in BTCUSD right now. I am going to be patient and see if I can pick out a really good position in a couple of hours.
If you want to make dollars your decisions need to make sense. It the big rally we have all been waiting for and everyone including me wants to get in. But I’m not here to guess or give Poopy advice, i’m here to make money and help you do that, I will go and find another coin and make some cash on that while I wait for this to set up. I will share this coin with you soon.
The first question I ask myself each day….. Today am I going to trade like a professional or an amateur. I am a professional so I will sit and look for a better set up.