You down with $BTC?…yeah you know me

Gm Banterfam :)

Back again with the weekly BTC update!

During one of the previous week's episodes Mama $niper passed the comment that she likes to start everyday with a clean chart and make new analyses unbiased by previous conceptions of price action/direction.

My experience charting is not as extensive as hers but I have noticed that the price likes to respect these "ghost trendlines" and my call in last Monday's post was a clear example of this scenario playing out as the price touched and bounced off EXACTLY the trend line that was first drawn back in May.

I am currently in a long position opened at $22680 as when I got in front of the computer this morning basically all the smaller time frame Stochastic RSIs were reset.

I drew two trend lines off of the daily closes (green dotted) and the daily wicks (red dotted) and have determined that the lowest that the bulls would permit the price to get today would be $21924 and have staggered my last orders around before and just after the green dotted trendline with my stop set to just after the dotted red trend line.

As I write this the Stochastic RSI has peaked and begun its descent, the trade is more than 85% in profit, I have advanced my stop loss to below the previous candle's low and my plan is to close the trade before the funding rate timer expires.

I am currently in a short position until the hourly & 15 min RSIs reset with advancing Stop losses ideally until we revisit the daily trend line region.

And because the funding rate is in my favour I do not have the same expiration pressure to take profits.

DYOR 

Just sharing what I am doing…

Banter on, Banter Strong!

✌️