BITCOIN ( BTCUSD ) – Cash: Inside Bar Pattern

(WARNING ON CRYPTO: TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE AND LOWER LEVERAGE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).

Price Action: Price formed an Inside Bar Pattern overnight.

Price formed a Potential Bullish Multi-Bar Fakey Setup last Thursday (We did not consider trading this setup).

Price briefly moved higher from the Bullish Long-Tailed Pin Bar Signal that had formed over a week ago (We did not consider trading this signal).

Price moved significantly lower (Almost $4500) from the Bearish Pin Bar Signal that had formed on Tuesday, May 10th (Before reversing up), (We suggested trading this signal in the May 11th, members’ daily newsletter).

Price significantly moved lower from the Multiple Inside Bar Pattern that had formed just above the 37559 prior short-term support level (Which is now a Key resistance level and an Event Area) around three weeks ago (We suggested trading this pattern in the April 29th, members daily newsletter).

Potential Trade Idea 1: For more aggressive traders, we are considering selling on a breakdown below the current Inside Bar Pattern.

Potential Trade Idea 2: We are considering waiting to see if the current Inside Bar Pattern turns into a Bearish Fakey Setup.