BTC/USD: long position from pennant breakdown
It looks like buyers have decided to buy right now at the market price instead of waiting for the best price.
The 1H chart clearly shows how the price breaks the pennant in an upward movement.
Most interesting, however, is this truly huge bar, which suggests that someone was kicking traders out of long positions ahead of a big rally.
I recommend that you consider buying, but remember that there is a strong resistance level. It can serve as a stumbling block on the way to the goal, so the position can be partially fixed.
Stop loss should be set at the beginning of the rising candlestick. If the breakout is true, the price is unlikely to reach it.
You can also read my previous analytics.
Thanks a lot and good luck!
The 1H chart clearly shows how the price breaks the pennant in an upward movement.
Most interesting, however, is this truly huge bar, which suggests that someone was kicking traders out of long positions ahead of a big rally.
I recommend that you consider buying, but remember that there is a strong resistance level. It can serve as a stumbling block on the way to the goal, so the position can be partially fixed.
Stop loss should be set at the beginning of the rising candlestick. If the breakout is true, the price is unlikely to reach it.
You can also read my previous analytics.
Thanks a lot and good luck!
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.