Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the creator of The Crypto Den, an Australian-based crypto trading and education neighborhood intending to offer you the understanding to take your trading videogame to the next level.
Crypto Market Outlook
The market is restricting into a choice point. Up or down? Well, we’ll understand quickly. The TOTAL, like BTC, is still in this inproportion triangle pattern. Like I stated last week, this is typically a extension pattern with a 70% opportunity of continuing with the existing pattern, leaving a 30% possibility of turnaround. In the chart listedbelow, you can see that in both instructions we have a high likelihood of moving 30%, leaving us presently sitting at an balance (EQ).
Elliott Wave Theory would recommend we are in this bearish balanced triangle, likewise with an ABCDE debtconsolidation. While ever it stays listedbelow the day-to-day 200EMA, this will be my predisposition, which I’ve specified lotsof times.
BTC is painting the exactsame pattern and situation. Despite popular belief, I’m not a “permabear” – I simply trade what’s in front of me and even however we haveactually seen some little pumps in cost action, I’m still not seeing anything extremely bullish. Does this mean BTC is all doom and gloom? No. It simply implies that for me, it’s bearish till it’s not, and that point of invalidation is a breakout above regional market structure (US$45,760) and the everyday 200EMA, and to hold above for a coupleof days to a week.
Last Week’s Performance
Again, like the week priorto last, I didn’t getin any brand-new positions. The factor for this is I puton’t like to trade a varying market. I like to trade with A pattern. And while ever it’s varying, it’s NOT trending.
I still have 11 brief positions open however have not opened anything brand-new in 2 weeks. I’m waiting for the market to choose which pattern it’s going to follow. Continue down? Or reverse and head up? Either method, I’m waiting.
Here is a visual representation of what I indicate by my no trade zone:
This Week’s Trades
WAVES/USDT
This is a difficult one due to the basics surrounding WAVES at the minute with all that’s occurring in Ukraine, however from a technical perspective I’m seeing a everyday bearish divergence at day-to-day resistance with decreasing volume. So we might definitely see a retracement here quickly. I’ll be gettingin a little position.
BTC/USD
For BTC, I’m hoping we get a choice this week. One method or another, I have a strategy and so needsto you! If we break to the upside, I’ll wait for the pullback to verify brand-new assistance and gointo LONG. If we break to the disadvantage, I’ll do the reverse and wait for the retest on gointo SHORT. As a trader trading on takeadvantageof, it doesn’t matter to me.
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