BitcoinShort
BTC/USD (bitcoin): the multi-timeframe outlook
Initially, looking at the Weekly timeframe chart, it could be noted that the price has been unable to continue pushing in the upside destination for more than 2 weeks now. Leaving huge wick candles in the upward direction, the market structure is making it relatively evident that bearish waves could kick in and drive the price towards the target region mapped on the graph.
Zooming into the Daily-timeframe graph, we may witness some sort of a triangle pattern formulation. With the upward slope getting steeper after every touch, there is a big chance that the lower barrier will get penetrated and the price will keep pushing in the downside destination towards the pre-projected target region.
Thus, we have orchestrated a preliminary trade idea with the Stop Loss set above the upper barrier of the formed triangle and the target placed at the Weekly-timeframe key region. Making an execution at the market price, we are aiming towards capturing a steady 1:3 risk-reward trade.
Zooming into the Daily-timeframe graph, we may witness some sort of a triangle pattern formulation. With the upward slope getting steeper after every touch, there is a big chance that the lower barrier will get penetrated and the price will keep pushing in the downside destination towards the pre-projected target region.
Thus, we have orchestrated a preliminary trade idea with the Stop Loss set above the upper barrier of the formed triangle and the target placed at the Weekly-timeframe key region. Making an execution at the market price, we are aiming towards capturing a steady 1:3 risk-reward trade.
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