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.
Note
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
Note
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.
Note
If the wedge plays out (if we do not break the ascending trend line) we could have a nice scalping opportunity at 6360.
Note
Unfortunately the rising trend line didn't hold. Wee need more price action before we can find a good setup.
Note
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.
Follow us and join us if you feel that you are always missing the action.
Note
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.
Note
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.
Note
We might get some action!
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.
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.