Good evening all…Forgive me for the late night post.
I’m not in a position to do a video right now but I wanted to give you the heads up.
No charts…Visualise…work with me….
Pull up the 1hr time frame….what do you see?
Price sitting at the 50 EMA.
Question -Do we think bitcoin has room to move higher or lower?
The structure for this move to hold is the 40500. Bitcoin breaks below this zone, then it’s return to vector down below which resides at the 40000 zone.
Now there is Asia…and we also have Powell testifying…it’s Thursday…
So if Powell will bring anything to the table it will be regarding the feds action moving forward.
Will the impact affect bitcoin? Will dollar yen drop or move higher?
With all the variables in mind. Our decision making process tends to be distorted as we naturally want to make sure that we are factoring in anything that could affect the probability of our trade not playing out.
So that leads to my next point…where would a probe trade come in?
If you are to believe bitcoin will drop lower, play a probe trade, test it. Remember, it’s Asia, we may not get much of a move. But the probe trade will be live and you will get a “feel” for what price is doing.
If the trade moves in your favour…you have information which can then lead to adding to the trade.
If it goes against you…you now have a trade that will give the chance to change direction as you would have “absorbed” the price action waiting for it to go in your favour and it took too long to do so which can mean that momentum may be building up to go further.
Again forgive me for not sending you the usual update.
Will catch you tomorrow.
Mad love
T
