Tracking $BTC :: Next move up or down?
Updated
Watching the action on Bitcoin and there are so many potential scenarios.
We're currently trading within a falling wedge, a wedge that extends into the beginning of next week where we should see a new wrinkle introduced into crypto... futures.
We've found support in the wedge on three occasions over the last few days and resistance five times. Based on the pattern alone, we should reverse trend and break up... but only a closing of a candle one way or the other can confirm our next move. (stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal)
You might be able to swing a couple trades from the bottom to the top of the wedge (or potentially just the 0.618 fib) before we move out in one direction, but as long as we're bouncing around inside this wedge, we're in high risk trade zone with no confirmed direction for our next move.
You could buy now to maximize your potential profit while setting a tight stop-loss just south of the wedge, perhaps in the
13K zone. The safest play would be to wait for a break out of the wedge before making your move. Even then, with futures opening up on Monday, a confirmation one way or the other could quickly be snuffed out.
The unpredictability and volatility of BTC is as high as its ever been. Be careful out there. Definitely not trade advice, DYOR, protect your profits.
We're currently trading within a falling wedge, a wedge that extends into the beginning of next week where we should see a new wrinkle introduced into crypto... futures.
We've found support in the wedge on three occasions over the last few days and resistance five times. Based on the pattern alone, we should reverse trend and break up... but only a closing of a candle one way or the other can confirm our next move. (stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal)
You might be able to swing a couple trades from the bottom to the top of the wedge (or potentially just the 0.618 fib) before we move out in one direction, but as long as we're bouncing around inside this wedge, we're in high risk trade zone with no confirmed direction for our next move.
You could buy now to maximize your potential profit while setting a tight stop-loss just south of the wedge, perhaps in the
13K zone. The safest play would be to wait for a break out of the wedge before making your move. Even then, with futures opening up on Monday, a confirmation one way or the other could quickly be snuffed out.The unpredictability and volatility of BTC is as high as its ever been. Be careful out there. Definitely not trade advice, DYOR, protect your profits.
Trade active
Broke north out of our wedge. Entry triggered.Targets from here based on fibs and past performance:
1: $16,420ish
2: $17,777ish
3: $19,750ish
Note
Shot up to test resistance as expected and was able to break it.Note
Broke out again, continuing towards target #2.Note
Target #2 hit, acting as a resistance at the moment.Trade closed: target reached
Target 3 hit based on our pattern. Closing this out since we've hit all three targets and it dips for a breather before attempting to break 20k later this weekend.
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.