BTCUSD still just ranging...easy trade setup
BTC had a nice little dump to kick off 2020 but as you can see, per the 2-day Bitstamp chart, we are still just ranging, and the volume profile for the current consolidation period has us breaking out of this area some time around Jan. 15. As I write this we are having a short squeeze, which we were due for given the sudden surge in shorts we saw (I think about a 25% increase in the span of half an hour on Finex).
There's a very easy trade setup here: if we close a 2-day candle above 7550, go long. If we close a 2-day below 6880, go short. If you want to play it more conservatively, wait for a full open and close above or below those areas.
Picture is still extremely bearish and now we also have a kind of an inverted double cup and handle or M-pattern - whatever you want to call it. Whatever it is, it's a bearish pattern.
Cheers and happy trading.
There's a very easy trade setup here: if we close a 2-day candle above 7550, go long. If we close a 2-day below 6880, go short. If you want to play it more conservatively, wait for a full open and close above or below those areas.
Picture is still extremely bearish and now we also have a kind of an inverted double cup and handle or M-pattern - whatever you want to call it. Whatever it is, it's a bearish pattern.
Cheers and happy trading.
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