BTCUSD Chopping Sideways - Daily Update 07 AUG 2018

tradermeetscoder (49)in #bitcoin • 8 years ago

BTCUSD H1 - not enough bulls to bid it up

Longs with a target under 7140 protected by stops under the new lows from 6830 in the zone that stretches to 6743.

Shorts with a target above 6110 protected by stops above the ranging zone the price bounced in for the past couple of days.
If 7020 is too close for such a distant target, 7250 is another good hideout for them.

A breakdown seems more likely to happen since we're observing a market trapped in a sideways pattern that continues to successfully test lower levels.

Strong beliefs shouldn't stop us from planning for both outcomes.
If we don't marry our convictions and we'll be trading what we see not what we hope, we can survive to tell the story.

Trade well!