BREAKDOWN OUT OF BEARISH RISING WEDGE
i believe we may have had our blow off top and a correction has been due after all time new highs daily, acording to my new (10xbitcandles fantastic 4 strategy) * u can find my new strategy on my you tube,with full detailed tutorial and screenshots of using it on real trade, its under same name, sorry i cant leave no links, .... all signals have crossed on the 4h time frame, the (MACD) (RSI) (VWAP) AND (PSAR) those are the fantastic 4 indicators used and all you need to buy/sell, take a long/short entery and exit, as well as i have 5 golden rules when using my strategy, looking at my chart you can see all indicators have crossed and signaled bearish, we have broken downward out of the rising wedge pattern, my VWAP the most important signal in this strategy has fallen into bearish territory as i drew out trend lines for the hh-ll and it has breached the( LL) lower low, so i have put in a short position at 51,400 and stop at 52,300 just outside the upper part of wedge, and take profit using the (ATR) i use a 1 ATR on the (DAILY) pip and most times i do use the ATR for my stop losses as well and use 1.5 ATR on the (4H) , anyway one of my golden rules is to never use high leverage unless you are very experienced trader, never if a newbie as it is the single #1 that gets you REKT. anyway looks like a correction and maybe seen a blow off top but with the wild west of bitcoin and its bipolar swings u never know if it will just turn on a dime and move higher today since we left off on a (HH) higher high and most times i do not take a position until bitcoin has broken trend so would look for in this case a (LH) lower high, i use the (HH-HL-LL-LH) in my trading decisions and strategy, as you may see the ZIG ZAG on chart, another indicator that is used with my fantastic 4 is also (VMA) VOLUME MOVING AVERAGE, always make sure you keep a eye on any high volume spikes in the opposite direction of your trade, there are scam wicks and pushed up volume from whale manipulation aswell as the exchanges bots/algos have been known to trade against its users, so look out for quick spikes of volume in opposite direction and when taking trade always make sure the volume is in tandum with your position so when long make sure bullish volume and vise versa.
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.