Bitcoin 4h triangle and overall trend
Updated
Exiting the green parallel channel activates a trade in the direction of the breakout.
If we break to the upside, i would really like to see that RIGHT NOW, because the do not want the week to close below the red line at around 9800Eur(although it seems very unlikely, that we can close above), which is the weekly trendline that has held since April.
If we do break down(and close under that weekly trendline ), i am expecting a longer correction to around 7200ish Eur. Just as a bias, if we break up, but still close the week under the weekly line, i am going to stick with very tight stops on my longs, and expect a not immediate, but shorter term upswing to retest the trendline and turn back from there.
If we break to the upside, i would really like to see that RIGHT NOW, because the do not want the week to close below the red line at around 9800Eur(although it seems very unlikely, that we can close above), which is the weekly trendline that has held since April.
If we do break down(and close under that weekly trendline ), i am expecting a longer correction to around 7200ish Eur. Just as a bias, if we break up, but still close the week under the weekly line, i am going to stick with very tight stops on my longs, and expect a not immediate, but shorter term upswing to retest the trendline and turn back from there.
Note
Looks like a nice turn back from the weekly trendline, looking for 9250Eur for confirmation.Note
A quick retest(after this fall to 9100ish) of 9360-9400 would be a really nice short entry retesting the top horizontal of the ascending triangle.Trade active
So far playing out perfectly. Closing below the aug 22 low would be really nice. I would add to my short on the retest of either the aug 22 closing low or aug 15 closing low, depending on the depth of this current fall on aug24. I am expecting a fall to 8500ish territory, then a retest of one of those lows from there.
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