Hi Riders, as said on last week newsletter, we were expecting sideways price action on $BTC between 28.7K and 33K. We did get the sideways action but we did not touch 33K yet.
The 28.7K support was tested many times and held perfectly providing great trading opportunities with a solid risk/reward. (long at 28.7K with Stop loss slightly below).
Overall, market is providing clear stop loss levels for different assets (crypto and stocks) (use our horizontal support and resistance lines on Trend Rider Algo #1 as reference, bonus points if there is a "bounce" or "reversal" signal and/or an orange circle on our Trend Oscillator close to support). Consider that this strategy can be used both for longs and shorts.
Daily Chart Analysis
Indicator: Trend Rider Algo #1 and Trend Oscillator
$BTC still on the 28.7K-33K range
$NASDAQ above 17000 support.
$BTC "Probable Bounce" signal active
Trend still bearish on this timeframe. (price below band, bear label, trend hunter "x" above candle)
Trend strength flipped from strong bearish to bearish (dark blue inverted triangle changed into light blue inverted triangle)
I do believe we could have a relief rally, however strategy still the same for this week, lower timeframe trades (15min-4hr) with agressive profit taking and clear stop loss levels, using our bounce/tp and supp/resistance indicators (until $BTC closes above daily band 36K aprox. Then we start looking for midterm positions).
Besides my trading on lower timeframe I have a long open with stop loss at 28.7K (break even)
If price closes below 28.7K then will open a short with SL at 28.7K.
If price goes above 33K will add to my long and move SL to 33K.
$Google, and example on how to trade using the bounce signal + support combo.
Open an order. set stop loss slightly below 21978 (support line).