Trading Ideas #170629 - BTC/USD Short Zone Continued
This is a continuation of yesterday's trading idea, that once we came off higher time frame resistance and zoomed into the hourly, featured the following BTC/USD short zone:
As you can see after price tapped that higher time frame resistance zone, it has traded in a textbook bearish pattern that simply forms short term support, breaks it, then retests it this time as resistance.
That blue level looks pretty juicy to me!
Well it's been 24 hours, so let's take a look at what price is doing now. Again this is an hourly BTC/USD chart with just the same short term previous support zone that we're looking to turn into resistance so we can short:
As you can see, price has started to come down off our hourly zone quite nicely.
If this level does in fact hold and price starts to pick up momentum lower, I'm going to look to zoom in again down to the 15 minute chart and add into my shorts on any further short term pullbacks.
Give @forexbrokr a follow on Twitter as it's much quicker for me to post charts in short form over there as they're unfolding live.
As always, please share your thoughts, ideas and most importantly include your own charts with what you're looking at in the comments below.
Peace.
Nice trading. Are you mostly trade off hourly charts? I understand Forex is quick and many trade on lower time frames. I looked at Forex few years ago but never started. I like weekly charts better :-)
Hey veleje,
I always start on a weekly or daily and find whether a higher time frame support/resistance level has held so I make sure I'm trading in the direction that the market wants to head.
From there, I zoom into an intraday chart where I usually enter off short term pullbacks that offer high risk:reward.
The higher time frame is always key so you're on the right track with your weekly focused mindset. Many new traders ignore the weekly because they don't have the patience. Good to see you're not one of them.