Here we can see the price consolidating on the weekly chart, trading near a resistance with bullish momentum increasing, and forming a triangle. If the price break the resistance I anticipate a move higher as indicated with the up arrow. As I consider all possible moves the price can make I have a bearish move as my alternative and the probability that the price can remain in this consolidation for a while longer. I use lower timeframes to time entries.
Note
Go down to a lower timeframe like 4H/1H to see the battle between the bears and bulls in action. There is a lot of uncertainty around Cryptos, we will have to see if al the marketing around BTC prices going to skyrocket will pull in enough newbies to buy and creates a demand.Note
37k target reached, next anticipated target 47k.Note
Go to my website on my profile to learn more about short timeframe trading, and how I hedge against to offset losses with pullbacks.Note
If price can break this 37k level then 47k is on the table.Note
Done and dusted as anticipated.Note
Price reached as high as 49k before pulling back. Pullback visible lower timeframes.
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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.