BTC Daily Update for Potential Short!

22 Mar 2022

Taking a look at BTCUSD on the daily last time we spoke on this we were trading around the smaller yellow box which is acting like a sort of magnet, price action seems to be always coming back to these levels then struggling to breakout, Since then we have had a strong breakout and pushing up towards our potential short position, we are also trading within a larger sized sideways zone shown by the dashed lines. Now i have changed up the short position a little bit ive adjusted our entry point too the recent high wick above the dashed line, think that a sweep of both of the previous highs is likely, take out some positions and continue for another potential drop back into our zone. now there is another scenario where we don't make it upto the top zone and that is if we create a lower high then chances are likely we will start falling a lot sooner! Now the RSI is bac above the midline which is good for the longer term and for this short i am looking for a push upto the overbought zone which we haven't visited since mid october, due too that we are likely going to face significant bearish pressure upon reaching that point. Now with the MACD we were coming down where is appeared our bullish cycle was coming too an end, but we are seeing a significant tick up for todays bar, seeing an increase shows a rise in bullish momentum that could lead too one more pump up before coming back down! Not financial advice just my opinion!