BTC BREAK DOWN TO SUB 10k
Updated
Not going into too many details.
Rising wedge has been building ever since our initial recovery from 3k. Current bullish pennant near the top of the wedge shows up possibly printing a fake breakout of the rising wedge (Somewhere around 15k) where I believe we'll turn back around due to a massive bearish divergence present on the weekly which will also be apparent on the Daily chart once we print that 15k price.
Short term: Bullish to 14.5-15k (This short term bias is invalidated if we break down from pennant)
Medium term: Bearish for a drop to 9.5-10.5k where ill aggressively buy anything in the range
Long term: If we break the wedge ill take it as a healthy correction if 9.5k holds (Ideally id like for 10k to hold)
Rising wedge has been building ever since our initial recovery from 3k. Current bullish pennant near the top of the wedge shows up possibly printing a fake breakout of the rising wedge (Somewhere around 15k) where I believe we'll turn back around due to a massive bearish divergence present on the weekly which will also be apparent on the Daily chart once we print that 15k price.
Short term: Bullish to 14.5-15k (This short term bias is invalidated if we break down from pennant)
Medium term: Bearish for a drop to 9.5-10.5k where ill aggressively buy anything in the range
Long term: If we break the wedge ill take it as a healthy correction if 9.5k holds (Ideally id like for 10k to hold)
Trade active
Current trade: Long from average of 13-13.1k with a SL below pennant support and TPs laddered around 14-15kTrade active
Still holding part of a long I will not be shorting this if/when we reach pennant target. I will closing majority of position at around 14.8-15k area and will only consider a short if we break back into the rising wedge.Trade active
Trade still good, all targets hit and im slowly building shorts with a wide S/L from 15.8-16.5k region. I just realized i put "Pennant" instead of "Flag" and that was my mistake. I know the difference between the two and I hope you all do as well lmao. I guess I wrote down pennant on chart and just went with it in typing.Orders: Sell 15.8-16.5
TP1: 15k Region where we broke out of rising wedge
TP2: 12.5-13k region where there exist massive buy orders and i plan on longing once more with a tight SL below wedge
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