BTCUSD 10 AUG 2018 - Daily Update

The price seems to signal a change in the market participants sentiment.
Will it be sustainable or not, we'll see.

In yesterday's post the plan for bulls called for a test on 6500 level coupled with higher lows and higher highs.
That all happened.

The price breached 6500 and returned to that level only to get through it and push further.
In the process, we have the higher lows at 6200 and 6375, respectively, coupled with higher highs at 6550 and 6625.
We're officially in a (very) short term bullish trend, still countertrend on the long-term trend.

For bulls, caution is strongly advised.
We can enter long for short-lived trades anywhere above 6550.
If that's not reached again, it's a no go.
What's possible seems to be limited by how far the price is expected to oscillate statistically (orange channel boundaries), but that's just a suggestion, not a given, especially in markets driven by sheer FOMO.

We can expect bears to show up in full swing under 6350 to test the 6200 level on the downside.
If that happens, 6200 is the first target and 6100 is the second one.
Beyond those, it's uncharted territory for the timeframe most of us can afford to trade on (up to H4, maybe daily if fat wallet backed).
We would be just guessing.

Trading is not about hoping or guessing.
It's about taking a certain measured risk for a measured potential reward, so plan accordingly.
The part we can control is the downside.
The upside is the unknown.

Trade Well!

Daily updates here

@tradermeetscoder