After bitcoin rebounded from $5000 to $1000, the price fell below the upward trend line and constructed a wedge.
Although the current price seems to be in a downward trend, the wedge in the upward trend is a bullish signal, and I think bitcoin is more likely to break through the upper resistance line in the future. However, given the volume of recent bitcoin's previous slump, the price is still likely to fall below the support line.
My trading strategy:
Buy bitcoin when the price breaks through the resistance line and is confirmed to be an effective breakthrough. Mark with "buy" in the diagram.
Short bitcoin when the price falls below the support line and is confirmed to be an effective breakthrough. Mark with "sell" in the diagram.
Although the current price seems to be in a downward trend, the wedge in the upward trend is a bullish signal, and I think bitcoin is more likely to break through the upper resistance line in the future. However, given the volume of recent bitcoin's previous slump, the price is still likely to fall below the support line.
My trading strategy:
Buy bitcoin when the price breaks through the resistance line and is confirmed to be an effective breakthrough. Mark with "buy" in the diagram.
Short bitcoin when the price falls below the support line and is confirmed to be an effective breakthrough. Mark with "sell" in the diagram.
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.
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.