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Weekly Weather Report – October 18th 2019

📌Weather Report📌

Bitcoin appeared to try and break upwards but didn’t have enough fuel to propel it higher.  BTC got rejected inside the yellow box area and broke past previously stated support at the green box area.  This movement invalidated any bullish trade ideas. 

Trader TJ believes this movement is now without a doubt bearish in the short term.  The most interesting part TJ finds about this recent bitcoin movement is that it is showing similarities to previous structures.  One of these being the 2018 December daily. 

At the moment TJ is not opening any new positions and is expecting a re-test of the green box area.  If we test this new resistance in a bearish manor he sees potential short plays to be reasonable. 

Erik on the other hand is still waiting for trading to become more dynamic in the long term, but short term he thinks Bitcoin can potentially come all the way back up to the $8,600 range before retracing back down to low $7,000 area.  Erik then goes on to mention that he will be making smaller trades going both ways closing them out quickly and taking profits whenever the opportunity presents itself.  Ultimately this strategy is up to the market but Erik sees some potential profiting opportunities with Bitcoins current price action. 

 

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