2018-6-8 BTC LONG (short term)
Updated
BTC 1h chart is showing a reversal pattern (falling wedge) + a reversal oscilator pattern (bullish hidden divergence).
Most indicators are still bearish, but I'm trying to catch a reversal here, so this is not a problem. If BTC managed to break up the
pattern in current candle I'll not be entering the position because the R:R isn't good enough, I'll be waiting it to go a little down
so I can enter with less risk and with a better profit target.
Looking a bigger time frame, at 4h chart we can see the same bullish hidden divergence, we also can see that we still have
an important support (green line) and have been failing to break a big resistance (red line). Both lines are forming a bullish
pattern called ascending triangle, but we will need more buying pressure to break it.
Money management
This is my trading record. Never forget DYOR Do your own research
Most indicators are still bearish, but I'm trying to catch a reversal here, so this is not a problem. If BTC managed to break up the
pattern in current candle I'll not be entering the position because the R:R isn't good enough, I'll be waiting it to go a little down
so I can enter with less risk and with a better profit target.
Looking a bigger time frame, at 4h chart we can see the same bullish hidden divergence, we also can see that we still have
an important support (green line) and have been failing to break a big resistance (red line). Both lines are forming a bullish
pattern called ascending triangle, but we will need more buying pressure to break it.
- Stop-loss: $ 7490
- Entry: $ 7557
- Profit: $ 7727
Money management
- Volume: 8% of main capital
- Risk: 0.9%
- Reward: 2.25%
This is my trading record. Never forget DYOR Do your own research
Trade active
Entry level reached, falling wedge broken up with really good volume. I don't discard breaking the big resistance if bulls repeat this level of volume in the next time they test it.Note
This big green candle engulfing previous 2 bearish candle is another reversal signal.
Note
BTC's ascending triangle support is doing well and have been keeping the price action above it. Currently we are testing the bearish SAR + EMA20. BTC will have to break this resistances in order to keep moving above the ascending triangle support.MACD and RSI are currently bearish, but price didn't move too lower this time.
I hope weekend's low volume didn't disturb BTC's price action. If the support get broken (less likely way) we may go deep...
Trade closed: stop reached
I saw what you did their, you nasty whales! Taking advantage of weekend's low volume to push BTC prices lower, you bad boys!Have you found your desired buying level? Or are you going to push it lower? hmmmmmmmmm............
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