BTC Breakout, now what? 02/07/18- Bitcoin simple and short guide
Updated
This was an easy one for me, congrats to everyone that went long this time on bitcoin, but what's next?
Well, I'd honestly not enter in @ any position, only and only until I see:
1. A bullish breakout out of the rising wedge/fractal whatever you want to call it(market on the graph). In that case I would enter a careful position, and seek look for a target sell in between 7700-7400(previous resistance, and the top of the down-ward trend line) depending on the strength of bitcoin at the time. I'd say this is the less probable scenario, and only factor that might push bitcoin for such price action, can be daddy's birthday- 4th of July. Breakout confirmation, will happen if bitcoin breaks above the 4hr x 200period MA(marked with orange), as that will be the current top target of the fractal and the toughest resistance point to break.
2.The scenario market with the red line would be the more likely of the two, and imo*, a much "safer" position to enter at for bitcoin with a lot larger percentage % gain chance, and a much better risk/reward opportunity.
Overall, we're seeing some strength from bitcoin on the 4hr time frame, but in any case it's still far away from this status on the daily chart.
-Happy trading folks-
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Disclaimer:
//This is not a buy or a sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin, comment your thoughts, agree or follow for more interesting TA's, it's all very much appreciated and it motivates me to do better and share more TA's on the daily, cheers!
Well, I'd honestly not enter in @ any position, only and only until I see:
1. A bullish breakout out of the rising wedge/fractal whatever you want to call it(market on the graph). In that case I would enter a careful position, and seek look for a target sell in between 7700-7400(previous resistance, and the top of the down-ward trend line) depending on the strength of bitcoin at the time. I'd say this is the less probable scenario, and only factor that might push bitcoin for such price action, can be daddy's birthday- 4th of July. Breakout confirmation, will happen if bitcoin breaks above the 4hr x 200period MA(marked with orange), as that will be the current top target of the fractal and the toughest resistance point to break.
2.The scenario market with the red line would be the more likely of the two, and imo*, a much "safer" position to enter at for bitcoin with a lot larger percentage % gain chance, and a much better risk/reward opportunity.
Overall, we're seeing some strength from bitcoin on the 4hr time frame, but in any case it's still far away from this status on the daily chart.
-Happy trading folks-
.
.
.
.
Disclaimer:
//This is not a buy or a sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin, comment your thoughts, agree or follow for more interesting TA's, it's all very much appreciated and it motivates me to do better and share more TA's on the daily, cheers!
Note
Bitcoin showing some strength, however, it just has to decisively breakout, and close above the 4hrx200MA in order for the breakout to be confirmed. If a breakout doesn't happen, bitcoin should retrace to around 6300-6400, until deciding a further move. This major move would be expected to happen almost with a definitive certainty, tomorrow.
Not related to the update itself, I just have to say something. It's about the extent to which this chart predicted the movement of bitcoin since yesterday. Some of the top authors(botje11) coming up with the same idea but a whole DAY later.
-Happy trading-
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