BTC two scenarios

Updated

BTC is currently sitting near 10k. If it breaks under 10k, this would validate the descending broadening wedge. Looking to short to 8.9k and then enter a long position to 11.2k

Trade 1 - Short

Entry - 9965.7
TP1 - 9603
TP2 - 9049.8
Stoploss - 10410

Trade 1 - Long

Entry - 8963.7
TP1 - 9863.7
TP2 - 11129
Stoploss - 8285.5

Note

i.gyazo.com/34f70668ec14b482f2539a19269a90c7.png

This is another possibility however I will not be trading this

Note

s3.amazonaws.com/tradingview/snapshots/a/AJI34NpA.png

Trade active

10k broken, trade active

Note

Trade update - Bitcoin failed to break out of the descending broadening wedge, thus another touch of the bottom trendline is required. Target is 8.9k

Note

This is another scenario which I see possible, I will update the long side of the trade to possibly get a better entry depending on price action at around the 9k level

Note

s3.amazonaws.com/tradingview/snapshots/a/AJI34NpA.png

Well it looks like this scenario tried to play out however was rejected at 10,500 and is now on it's way down. I will have to be more generous with my stops in future, however I do see the second half of the trade playing out.

douglasaa

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.