I couldn’t help but notice the current price action is very similar to the previous price action by bitcoin not so long ago.
Consider the images above. The main image is where bitcoin is currently at. The other images are where bitcoin was and how it behaved around the daily open each time before the move had occurred.
It is these little snippets from the past that we can use to effectively add context to our decisions when we consider if we are to make an entry on the basis that price will rise from this point.
As we always say, establish the number of confluences before you commit. We are short term day traders..If price does move from this point, how long will it move for?
Factor in the amount of times price has held the daily open today…Consider the pins….Remember…Moves develop, before they become the move.
See you in tonights Stream guys.
Mad Love
T
