Very weak bullish background to take long position by far

Тема в разделе "English", создана пользователем Trading Ideas, 24 сен 2020.

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    3339223-wY5r_mid.png
    Very weak bullish background to take long position by far
    BTC/USD COINBASE:BTCUSD
    Sive-Morten
    06jGHIFd_mid.png
    Greetings everybody,

    So, first reaction, based on our 4H "222" Sell pattern looks nice, and it seems that it should continue, based on the situation that we see on stocks and other markets across the board. Thus, currently we do not see yet the reasons to change our daily view and expectations of deeper downside action.

    At first glance on 1H chart situation looks so that market could go up as we have divergence with MACD etc. But actually we have nothing else. 5/8 Fib level has been broken, market has not formed the butterfly "Buy" pattern here. Thus, maybe very small retracement is possible and appearing of puny "222" Sell here, but now we do not see sufficient context to plan any bullish trades.

    I also put 3-Drive shape here, maybe it will be formed, but as you can see it is not very accurate as 2nd drive stands not at1 .27 extension. Thus, 3-Drive is also under question.

    That's being said, if you have shorts - keep them, just tight stops to breakeven or tighter. For long entry - be a bit more patient, wait a bit more and see whether more confirmation will appear. Currently we have not sufficient context by our view to buy BTC .
     
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