Bitcoin Stalled? Potential rally is more likely.
While others are asking if BTC has bottomed, I'm simply trading patterns. Because I don't believe in predictions, good trading decisions come from observations and participation, not anticpation.
So, as BTC breaks yesterday's highs, there was a nice bearish VCO volume fueling a nice reversal, setting up for a rally potentially beyond the recent highs. The current pattern looks like a continuation of the rally as summer continues, as the weekly VWAP shows a rounding bottom.
So it's time to add to longs, as trading is just positioning gradually with each signal, taking profits at extremes, and exiting when trend has changed. I'm increasing my allocation to 50% long.
So, as BTC breaks yesterday's highs, there was a nice bearish VCO volume fueling a nice reversal, setting up for a rally potentially beyond the recent highs. The current pattern looks like a continuation of the rally as summer continues, as the weekly VWAP shows a rounding bottom.
So it's time to add to longs, as trading is just positioning gradually with each signal, taking profits at extremes, and exiting when trend has changed. I'm increasing my allocation to 50% long.