BTCUSD LONG
Updated
BTC bounced right from our buy zone, broke out from the falling wedge and if it manages to break the 0.236 we are going straight to the resistance from 0.5. If it goes above 0.5 we consider that a touch of the median line is imminent and in this scenario it will create an Inverted H&S with a 1000$ target.
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IF (and this is a big if because we are not even close to the neckline) we break the IH&S neckline the target is around
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On the weekly chart we created a higher lower after EMA100 offered support.
For now TD is on a 9 and it says that it's buy time and we should expect to see a correction.
MACD has a bullish divergence.
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If the wedge plays out (if we do not break the ascending trend line) we could have a nice scalping opportunity at 6360.
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Unfortunately the rising trend line didn't hold. Wee need more price action before we can find a good setup.
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Bull pennant spotted. Our SL 6218, TP 6360.
Trade active
Trade closed manually
Eventually the wedge played out but not exactly how we predicted. Anyway we managed to trade it because we were expecting this. Now we are waiting for the next high probability trade setup.
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We had this on twitter for some time...before the low of 6070 actually. We don't know if it will play out but the risk reward ratio is quite good. If you apply this 10 times and it only works one time it is enough to recover all the small losses from the previous trades. For now things are looking good, we have a higher low and a 4h candle with a big rejection to the downside.
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It's decision time for BTC. It it rejects the resistance of the downtrend channel we might get good opportunity for a short but this means that it would invalidate the pitchfork scenario.
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We might get some action!
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