BITCOIN (BTCUSD) – CASH: Inside Bar Pattern
(WARNING NOTE ON CRYPTO CURRENCY: As Bitcoin and crypto currency doesn’t form perfectly clean signals most of the time, we will only annotate the clearest and well-pronounced signals that form at confluent areas on the charts. Therefore not all price action signals/patterns will be annotated or discussed. TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).
Price Action: Price formed an Inside Bar Pattern right at the 42600 level, late last week.
Potential Trade Idea 1: For aggressive traders, we are considering selling on a breakdown below the current Inside Bar Pattern.
Potential Trade Idea 2: We are considering buying on a deeper retracement lower and after a price action signal on the daily or 4 hourly chart time frame, within the 34300 to 37550 support range (prior Event Zone).
(WARNING NOTE ON CRYPTO CURRENCY: As Bitcoin and crypto currency doesn’t form perfectly clean signals most of the time, we will only annotate the clearest and well-pronounced signals that form at confluent areas on the charts. Therefore not all price action signals/patterns will be annotated or discussed. TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).
Price Action: Price formed an Inside Bar Pattern right at the 42600 level, late last week.
Potential Trade Idea 1: For aggressive traders, we are considering selling on a breakdown below the current Inside Bar Pattern.
Potential Trade Idea 2: We are considering buying on a deeper retracement lower and after a price action signal on the daily or 4 hourly chart time frame, within the 34300 to 37550 support range (prior Event Zone).