BTCUSD Bitcoin: Sunday Trade Set-UpsBitcoin Sunday Trade Set-Ups
A fairly active overnight session has seen Bitcoin move up to
highs around midnight gmt, then down for 6 hours to 06:00gmt
and 01:00est and then back up again, forming a fairly
sketchy triangle as it moves through time.
The last move down (green arrow) was corrective in pattern
with 4 small waves down before it hit the lower dynamic of
the triangle before rallying again. This move down from the
most recent peak at the 8486 line is 2 tiny waves down so far.
Interest is so low now that it's basically flat-lining.
There is no trade until we see a break unless playing inside
the triangle which is getting trickier and trickier as the
minutes tick away.
But we are getting closer to a resolution now.
It's a buy again on on a break above 8510 for a rally to 8630 -
8681 range. It then has to break above 8690 to trigger a
second long up to 8835-8881 range.
On the downside it has to break the lower dynamic of the
triangle to trigger a short back to the 8219-8200 range.
At all costs 8200 must hold up today on any retest - failure to
do so will flip Bitcoin back into bear territory again back to
8022 initially and then to the 7817-7738 range.
We may be stuck with 100 or so point trades if volumes stay
low today so don't push things unless we see a volume kick
behind us to keep positions open for a little longer.
