There is a definable descending channel on BTC/USD$ now since the fall off $590 area from Aug 12th. I have posted my reading of the channel in an hourly chart showing trade-able opportunity to exploit the potential trading range within the channel. It's not a high probability trade, but at the same time it is relative low risk as a logical stop loss would take you out if the consolidation below $450 fails signalling back to the lower channel area.
Not taking this trade yet (just presenting an idea), still watching the price action.
Not taking this trade yet (just presenting an idea), still watching the price action.
First, welcome to the forum! Edit: I guess you've been here for a few months
That would be a high risk:reward ratio, no? Similar to entering a trade in the middle of the BB where price is equidistant from top and bottom. It could really go either way!
Now, if you open at the lower and sell at the upper with a stop just below the lower trend line, this would seem like better R:R ratio to me :/
Carry on!
I'm interested to see how this all comes along
