BTCUSD No Man's Land

2019年12月10日

Last post on the 6th –

The market has moved along the mid-line of the channel and appears to be taking the faster of my two predictions to the downside. A breakout above $7758 followed by $8379 will change my mind on the bearish bias.

Big picture –

A lot of the hot air has come out of the market the past six months. With the MFI & Stochastics well below their mid-ranges, there doesn’t seem to be *much* more price reduction to be had. Not worth betting on just yet though.

Less big picture (main chart) -

Still well within the down channel and under fast & slow moving averages. The MFI never broke out >60 and is turning down and the stochastic cross is confirming that move. The market is already near some structure at the $7000 range and there isn’t much below there until the mid 5k’s. Looks like Christmas is coming early if the market breaks that range and heads <4k.

What I’m looking for to go short –

A run up to the top of the channel, a few 4h wicks showing resistance, enter with a stop just above. TP at mid-channel, move stop to breakeven, see if price heads to the bottom.

To go long –

Price at the bottom of the channel, close above the 20 EMA (orange), MFI & stochastic confirmation with breakout >60. TP at mid-channel, move stop to breakeven, see if price heads to the top.
Questions, comments or concerns on the plan are welcomed below. Let me know how you’re playing it.