Where is BTC going to go next?
After creating a new structure low, BTC has been in a consolidation phase with a bullish Gartley in the midst of it all. We are not in a bullish rotation yet as the previous outside return has not be violated.
BTC price could oscillate within the wedge (white arrows) or could break out of the wedge and form a potential channel (light blue dotted lines) If BTC breaks out of wedge and reaches top of the blue dotted lines, I will look for double top entry on the lower time frame to enter as the R:R is very good, even if target is just the bottom blue dotted line. Stop loss would be a close above the previous outside return ($4526). Automatic SL trigger would be 1ATR above the $4526.
Bigger picture view (1D), $3000 offers a attractive support for BTC. BTC currently trading between previous congestion zone, looking left.
Couple of scenario to look at.
BTC price could oscillate within the wedge (white arrows) or could break out of the wedge and form a potential channel (light blue dotted lines) If BTC breaks out of wedge and reaches top of the blue dotted lines, I will look for double top entry on the lower time frame to enter as the R:R is very good, even if target is just the bottom blue dotted line. Stop loss would be a close above the previous outside return ($4526). Automatic SL trigger would be 1ATR above the $4526.
Bigger picture view (1D), $3000 offers a attractive support for BTC. BTC currently trading between previous congestion zone, looking left.
Couple of scenario to look at.
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.