Bitcoin Emergency Analysis! Failed Triple-Top, Breakout Now!
Bitcoin is attempting to break out of Weekly Resistance right now! My previous analysis showed a potential triple-top playing out which did bring us down to $35,700. That bear breakout was immediately erased and the price rocketed back into the bull channel.
How do we trade this?
If you're not already long from the $36,000 area, don't long just yet because this 4HR candle has not closed. Never trade a candle that hasn't closed yet, it could turn into a bear signal in an instant. If this candle closes on or near its high, consider a long with a stop loss just below the Weekly Resistance line.
If a bear signal bar plays out, wait for a confirmation bar closing on or near its low below the Weekly Resistance and set a stop loss just above the resistance line. A reasonable first take profit target is $36,000 at the minor trend line, then the 200EMA below that around $35,000.
Key Points
1. Bear Breakout of Bull Channel Failed!
2. Triple-Top Reversal Pattern Failed!
3. Still in Bull Channel, Remain Long.
4. Bull Breakout Attempting Now!
5. Wait for this 4HR Bull Bar to Close above Weekly Resistance.
6. RSI near 70.00 Level, Weak Indicator, Worth Noting.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!
How do we trade this?
If you're not already long from the $36,000 area, don't long just yet because this 4HR candle has not closed. Never trade a candle that hasn't closed yet, it could turn into a bear signal in an instant. If this candle closes on or near its high, consider a long with a stop loss just below the Weekly Resistance line.
If a bear signal bar plays out, wait for a confirmation bar closing on or near its low below the Weekly Resistance and set a stop loss just above the resistance line. A reasonable first take profit target is $36,000 at the minor trend line, then the 200EMA below that around $35,000.
Key Points
1. Bear Breakout of Bull Channel Failed!
2. Triple-Top Reversal Pattern Failed!
3. Still in Bull Channel, Remain Long.
4. Bull Breakout Attempting Now!
5. Wait for this 4HR Bull Bar to Close above Weekly Resistance.
6. RSI near 70.00 Level, Weak Indicator, Worth Noting.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
Related publications
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.