BTCUSD WEEKLY BITCOIN MARKET CONDITIONS
Updated
With this idea, I want to get ready for a possible rally after Segwit 8/2.
On a weekly basis, a Flag pattern seems to have formed, and TP levels on the pattern are very close to Fibonacci Extension 1. Since these are new high levels, is usual to get resistance every 100$ and 500$.
Go long over resistance break, and place stops under resistance. This idea is for mid-term holders, but if you are bullish on Bitcoin long-term, I would place a chandelier exit on a daily basis once TP is close to be reached and uptrend is confirmed so we can TP on the 1.618 level.
WNZ
Free updates and analysis of the cryptocurrency market: t.me/ZeddmoTrading
On a weekly basis, a Flag pattern seems to have formed, and TP levels on the pattern are very close to Fibonacci Extension 1. Since these are new high levels, is usual to get resistance every 100$ and 500$.
Go long over resistance break, and place stops under resistance. This idea is for mid-term holders, but if you are bullish on Bitcoin long-term, I would place a chandelier exit on a daily basis once TP is close to be reached and uptrend is confirmed so we can TP on the 1.618 level.
WNZ
Free updates and analysis of the cryptocurrency market: t.me/ZeddmoTrading
Note
3150 as resistance. If 3150-3250 zone is broken, next target is 3500 zone and then 3950Trade active
Trade active right after resistance broken on Friday night. Trade carefully, avoid FOMO. Also BIP 141 price seems locked already.Note
Market in the 3500-3600 zone. If there is a break next target, according to pattern is 3800Note
TARGET REACHEDNote
If you left your position open, you can now place stop-loss near original target of 3800, and update higher if price moves over $4000
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