Hi Riders, once again we just had another week of sideways action, great for trading on lower timeframes, specially the 1hr timeframe. I will start sharing a zoomed out of 1hr TF with comments on this newsletter so you get more familiarized with the indicators (chart at the end)
On the daily, trend still bearish and inside darke red zone, however I do see our Trend Strength Indicator flipping slightly bullish for $BTC for the first time since it was 44k, which means that the downtrend is losing strength for now.
Nasdaq is doing better but it is fighting right at the upper limit of the dark red zone which is acting as resistnace, trying to get out, so be extra careful, make sure lock your profits.
Plan is still the same
Lower timeframe trades
agressive profit taking
optional for long term holders: DCA progressively into $BTC or stocks
For bulls to take control on the daily timeframe we need to see:
Nasdaq out of the dark red zone
Bitcoin closind a couple candles above 34K.
$BTC Daily chart:
Right at resistance, we are so close that if you want to long or buy for the long term it is much better to wait for the price to close a above resistance or wait for the next dip.
$BTC 1hour timeframe
A brief description of the conditions of each potential entry.
Long: bull signal active, support tested, clear stop loss.
Short: bear signal active, went below support, next support is far below, orange circle on the oscillator.
Wait or short: bull signal active, however a lot of resistance confluence, in this case wait for price to go above or short with tight SL above resistance.
Long: Combo of bounce signal , orange circle on oscillator and close to support.
Long: bul signal active, orange circle, tested support (Rider band)
Short or take profits from a long: Big blue circle on the oscillator right at resistance at 31.4K