Bitcoin (BTC) has been fairly predictable within it's channels recently, and this is no exception.
The bad news is that we're currently at the top of this channel on a downtrend WITHIN the channel (although the overall channel is in an uptrend).
The good news is that we entered this channel from the bottom on a trend upwards, which means we are likely to breakout of this channel to the upside eventually. However, chances are, that day is not today and we should see a revisit to the bottom of the channel ($9,400) before we hit the top of the channel again ($11,000) and likely breakout of it.
The bad news is that we're currently at the top of this channel on a downtrend WITHIN the channel (although the overall channel is in an uptrend).
The good news is that we entered this channel from the bottom on a trend upwards, which means we are likely to breakout of this channel to the upside eventually. However, chances are, that day is not today and we should see a revisit to the bottom of the channel ($9,400) before we hit the top of the channel again ($11,000) and likely breakout of it.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.