Bitcoin Possible Head Fake Trade Setup Update
Happy Monday, all
This trade setup has been a real pain in the ass, just due to how long this consolidation has taken
However, the lack of a close below the lower BB, and a reversal at that level hints at this head fake being back on
If you see price get above the basis and hold, then the probably of the upside move increases dramatically
the final signal is the close above the upper BB on high volume or with indicator confirmation
I will continue to walk us all through this. If this trade setup works out, this could be one of the best trade setups I've given here on Slice
Just remember, the move is going to be very volatile either direction, possibly both directions. I also don't think the bottom is in, but we must prepare for that scenario to exist
The next steps here are wait. If you are hedged short from the call we made, move your stop in profit or breakeven
The long appears to have resumed as the more profitable trade. I wouldn't close the edge just yet. I'd rather take a loss or break even on it, allowing the long to have the best chance of success
adding to longs, or for those who haven't entered yet, you can consider entering as price moves above the basis, as price retests the basis (may or may not happen), or as price breaks out above the upper BB
Each of those has an increasingly better chance of being a successful trade, in that order
The bottom BTC chart is weekly, while the top one is daily. This move is happening around 5-7 times faster than the one below
We should see the so-called "real move" begin before the end of August
