BitcoinUpdated Decisive hours for BTC
When using Ichimoku with BTCUSD 240 we are currently in the cloud (Kumo).
Long scenario
If BTC breaks it on the upper level with Tenkan Span (thin blue line) above an ascending Kijun Span (thin red line) I would go long with a target at 8350$ and a Stop Loss at 7300$
Short scenario
If BTC breaks it on the lower level with Tenkan Span (thin blue line) below a descending Kijun Span (thin red line) I would go short with a target first target at 6900$ then 6550$ and then 5800then for a final target at 4000$ which I expect more around January 2019 that would end the bearish trend.
T1: 6900$ is the lower part of the triangle we see between the orange lines
T2: 6500$ is the lower part of the wedge we see between the purple lines
T3: 4500$ is a +/-80% retracement compared to the all time high of December 2017. In the history of Bitcoin a 80% retracement is used to be done when it experiences a huge rally and 4500$ is closest support level when using Ichimoku.
Long scenario
If BTC breaks it on the upper level with Tenkan Span (thin blue line) above an ascending Kijun Span (thin red line) I would go long with a target at 8350$ and a Stop Loss at 7300$
Short scenario
If BTC breaks it on the lower level with Tenkan Span (thin blue line) below a descending Kijun Span (thin red line) I would go short with a target first target at 6900$ then 6550$ and then 5800then for a final target at 4000$ which I expect more around January 2019 that would end the bearish trend.
T1: 6900$ is the lower part of the triangle we see between the orange lines
T2: 6500$ is the lower part of the wedge we see between the purple lines
T3: 4500$ is a +/-80% retracement compared to the all time high of December 2017. In the history of Bitcoin a 80% retracement is used to be done when it experiences a huge rally and 4500$ is closest support level when using Ichimoku.
Trade closed: target reached
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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.