BitcoinLong
Bitcoin Getting Cornered In A Very Tight Spot
Updated
Hello friends,
Hope your weekend went well.
Let's see what the BTC market has in-store for us here...
Bullish Case:
1. We have a Falling Wedge (Blue Lines on price action)
2. Bullish Divergent Lines (Yellow Lines) on Price action and RSI
3. Stoch RSI momentum is directed upwards (but a lagging indicator)
4. The general trend of is upwards since December 2018
General price target for a breakout to the upside:
Bearish Case
1. Short term trend is directed downwards since June 26 to present day.
2. There's still a low-mid chance of falling wedges breaking to the downside.
3. Stoch RSI is a lagging indicator and not an absolute indication of where the market is going.
*Bitcoin may always chose to make an FU move.
Best strategy for any case:
1. Wait for the breakout prior to putting in a trade.
2. Place a trailing stop loss position (to counter any FU move).
Price target for a breakout to the downside:
- between $8,600 - $7,500.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
Hope your weekend went well.
Let's see what the BTC market has in-store for us here...
Bullish Case:
1. We have a Falling Wedge (Blue Lines on price action)
2. Bullish Divergent Lines (Yellow Lines) on Price action and RSI
3. Stoch RSI momentum is directed upwards (but a lagging indicator)
4. The general trend of is upwards since December 2018
General price target for a breakout to the upside:
Bearish Case
1. Short term trend is directed downwards since June 26 to present day.
2. There's still a low-mid chance of falling wedges breaking to the downside.
3. Stoch RSI is a lagging indicator and not an absolute indication of where the market is going.
*Bitcoin may always chose to make an FU move.
Best strategy for any case:
1. Wait for the breakout prior to putting in a trade.
2. Place a trailing stop loss position (to counter any FU move).
Price target for a breakout to the downside:
- between $8,600 - $7,500.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
Note
We have unfulfilled bullish divergences...Note
Note
We have price movement to the upside now. Note
Bullish Ascending Triangle
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