BTCUSD Short term trade setup(1st idea)
Updated
Hi guys.
I am new here and I have decided to post my first trade setup after months and months of watching, listening, reading, studing, charting, trading a bit, trying out different strategies. Nothing big, mostly observing.
Every critic is more than welcome, I am opened for learning and listening out to each and everyones opinion, since this is after all predictions according to overlaying different perspectives.
Two days ago I have called out the brakeout but haven't had the time to post it, since I have never posted an analysis or a trade setup.
Disclaimer, I am not a financial advisor and this is not financial advice.
BYBIT:BTCUSD
Bull momentum is undeniably strong. Watching at the price movement I have noticed a possible triangle pattern forming, as well as a possible Eliot Wave 5 forming after a price has consolidated in between the level of 12700-13200 for the last 24 hours.
My thoughts are that we are ready for one more push upward before we have a possible pullback to test our previous important ressistance that we have broke just 2 days ago at 12500. The price movement according to the triangle pattern forming should be breaking ressistance at 13200 and moving to betweem 13600-13750 usd before we test the next ressistance at 13800-14000.
RSI 1Hr in range at ~53
Volume decending in the last 24 hours.
MA 10 ready to touch MA 20 again. MA 50 over 12750.
The thick green dotted line is our long year support that we have finally come above again.
Fibbonachi levels are well respected.
Bearish Scenario:
If falling and confirming a breakout out of the triangle pattern to the downside, we will be testing 12750 first, and then possibly 12500.
What do you think?
Like if it makes sense, comment what I lack and if I have missed out some basics and what should be a preferrable strategy for the following macro bull run?
I am new here and I have decided to post my first trade setup after months and months of watching, listening, reading, studing, charting, trading a bit, trying out different strategies. Nothing big, mostly observing.
Every critic is more than welcome, I am opened for learning and listening out to each and everyones opinion, since this is after all predictions according to overlaying different perspectives.
Two days ago I have called out the brakeout but haven't had the time to post it, since I have never posted an analysis or a trade setup.
Disclaimer, I am not a financial advisor and this is not financial advice.
BYBIT:BTCUSD
Bull momentum is undeniably strong. Watching at the price movement I have noticed a possible triangle pattern forming, as well as a possible Eliot Wave 5 forming after a price has consolidated in between the level of 12700-13200 for the last 24 hours.
My thoughts are that we are ready for one more push upward before we have a possible pullback to test our previous important ressistance that we have broke just 2 days ago at 12500. The price movement according to the triangle pattern forming should be breaking ressistance at 13200 and moving to betweem 13600-13750 usd before we test the next ressistance at 13800-14000.
RSI 1Hr in range at ~53
Volume decending in the last 24 hours.
MA 10 ready to touch MA 20 again. MA 50 over 12750.
The thick green dotted line is our long year support that we have finally come above again.
Fibbonachi levels are well respected.
Bearish Scenario:
If falling and confirming a breakout out of the triangle pattern to the downside, we will be testing 12750 first, and then possibly 12500.
What do you think?
Like if it makes sense, comment what I lack and if I have missed out some basics and what should be a preferrable strategy for the following macro bull run?
Note
Volume still declining.MACD lookls like it's going to give us a signal soon, reset almost there.
RSI a bit above 53 level.
MA 10 ready to cross over MA 20 after crossing under 6 hours ago.
Note
Current triangle pattern invalidatedConsolidation phase still ongoing
Trade is still active
Disclaimer
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