Short term ranges for BTCUSD
Here are my ranges that I am looking at to see a short term increase in price or decrease in price.
I am still overall bearish until the start of 2021 but this will determine if I put more working capital into the trade or not.
To invalidate this bearish sentiment we would have to go above 7308 where I would have my stoplosses kick in and then push above 7466 for me to turn bullish and look for a trade.
So scenarios are:
- Breakout above this pennant --> Add to short position when it stabilizes but only if it is below 7308 as that would be the stoploss
- Breakout below this pennant --> Hold position and add a stoploss for 25% of trade to a new position above stabilising area to take profits if moves back up.
I will not look at scalping as I find it too risky for the overall position.
Maintain or gain.
I am still overall bearish until the start of 2021 but this will determine if I put more working capital into the trade or not.
To invalidate this bearish sentiment we would have to go above 7308 where I would have my stoplosses kick in and then push above 7466 for me to turn bullish and look for a trade.
So scenarios are:
- Breakout above this pennant --> Add to short position when it stabilizes but only if it is below 7308 as that would be the stoploss
- Breakout below this pennant --> Hold position and add a stoploss for 25% of trade to a new position above stabilising area to take profits if moves back up.
I will not look at scalping as I find it too risky for the overall position.
Maintain or gain.
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