Long
BTC wedge : Long position on the breakout
Just a simple PA logic here:
BTC has formed this wedge in 2 months and has been respecting its upper and lower trendlines.
On higher TF (w), BTC is still holding up Bullish. In this case we should be looking for opportunities for long position.
On entry can be at the breakout of upper trendline, we can enter a long trade on a pullback to 27500 level with a very good risk reward.
If you are aggressive, a long position can be entered at the lower trendline at around 25000, which is coinciding with 200 EMA on Daily chart.
Look for a strong hammer or bullish engulfing for both entries on Daily or 4H.
SL: Keep SL atleast 1 ATR below your entry candle.
Target: Keep 30500 as the target. If you want to bet on higher move, it's wise to book half position at 30500 and let the half position run and bring SL to BE.
BTC has formed this wedge in 2 months and has been respecting its upper and lower trendlines.
On higher TF (w), BTC is still holding up Bullish. In this case we should be looking for opportunities for long position.
On entry can be at the breakout of upper trendline, we can enter a long trade on a pullback to 27500 level with a very good risk reward.
If you are aggressive, a long position can be entered at the lower trendline at around 25000, which is coinciding with 200 EMA on Daily chart.
Look for a strong hammer or bullish engulfing for both entries on Daily or 4H.
SL: Keep SL atleast 1 ATR below your entry candle.
Target: Keep 30500 as the target. If you want to bet on higher move, it's wise to book half position at 30500 and let the half position run and bring SL to BE.
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