BTCUSD is potentially entering in a Barb Wire, meaning bulls and bears are in equilibrium and any breakout to either side has a good chance of being a false breakout.
I'm going to stay out of it for now.
If price breaks through the bear TL and make a strong reversal bar at the All Time High, it could potentially be a good short trade with high RR.
I'm going to stay out of it for now.
If price breaks through the bear TL and make a strong reversal bar at the All Time High, it could potentially be a good short trade with high RR.
Order cancelled
Look at how Barb Wires are harmful. Price broke above the high of the BW, so the newbies went long. It failed, and made 2 strong bear candles, breaking the barb wire to the downside, so newbies reverted their position trying to recover losses. Then, there's a huge bull candle that broke to the upside.
It's virtually impossible to make money trading breakouts in a Barb Wire and we should stay out of it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.