1.Bitcoin has been consolidating for about a week. Right now we can see Bitcoin is probably forming a horizontal triangle on the one hourly time frame. We may see Bitcoin take a breakout off this pattern before 21 October 2020. The target price is about 12085 for long, 10819 for short.
2.We should also notice that when the price is consolidating within the pattern, the volume is also in a downtrend, which usually means a big move is incoming.
3.It's hard to say whether to break up or break down. I won't trade as long as BTC is within this pattern, only when confirmed its break out direction.
4.To prevent fake out, I may put the entry price at about the previous high/low. 11591 approximately for long, 11297 approximately for short.
5.Please set a stop loss as soon as you can when you take breakout trades. And with the price move towards the target price, please move forward your stop loss step by step in case it fails to reach the target price and pull back.
6.Pay attention to the volume, if the volume didn't seem to be healthy, you should act more prudently.
2.We should also notice that when the price is consolidating within the pattern, the volume is also in a downtrend, which usually means a big move is incoming.
3.It's hard to say whether to break up or break down. I won't trade as long as BTC is within this pattern, only when confirmed its break out direction.
4.To prevent fake out, I may put the entry price at about the previous high/low. 11591 approximately for long, 11297 approximately for short.
5.Please set a stop loss as soon as you can when you take breakout trades. And with the price move towards the target price, please move forward your stop loss step by step in case it fails to reach the target price and pull back.
6.Pay attention to the volume, if the volume didn't seem to be healthy, you should act more prudently.
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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.