Opportunity for a quick scalp on BTC
After todays dip, BTC started climbing again and formed a strong bullish pennant on the 30m timeframe. Usually timeframes so short aren't very good for figures like a pennant so it would be wise to treat it as a symmetrical triangle and trade when it breaks. I wouldn't trade if it breaks up, since the resistance at around 7130 has been quite solid these days, but if it breaks down it should revisit at least the mid 6900 where it found support today (orange line is an old line from the 4h timeframe, which worked great today).
Not a lot of % to get here so we need leverage, and as such, stop loss is very very important. Mine would be around 7150, and at 6930 I will make sure to take profits.
Remember, this is a trade that you only do when there is low volatility. You trade what you can.
EDIT: It seems to be wanting to break up. If it does, look for a short entry according to the huge wedge on 4h, which right now sits around 7200
Not a lot of % to get here so we need leverage, and as such, stop loss is very very important. Mine would be around 7150, and at 6930 I will make sure to take profits.
Remember, this is a trade that you only do when there is low volatility. You trade what you can.
EDIT: It seems to be wanting to break up. If it does, look for a short entry according to the huge wedge on 4h, which right now sits around 7200
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