BitcoinUpdated My first Long & Short TA Publication, Trend Line Cross Road!
I have been reading other post from Trading View members, today I decided to give posting my own observation a go! I am new to this and do not have the full spectrum of vocabulary and understanding to consider myself an annalist, but lets give it a shot.
There are two descending triangle formations since the correction from the 14k mark, I will be looking for a double confirmation before taking either my Long or Short position. As you can see from my charts we are currently flirting between the initial long and short lines of confluence.
Macro Trend
If we stay above the 11,300 mark I will be waiting to purchase when we exit the dashed descending triangle, with a target of 12,800.
I'f we fall bellow the 11,300 mark I will be looking the enter a short position with a target of 9980.
Exit of both trends will make this analysis invalid.
Micro Trend
There is also short squeeze potential from 11,400 - 11,990 if the current green trend line is broken.
Like wise, if we fall bellow the 11,250 then we can expect to fall to 10,700.
Opinion's and suggestions would be greatly appreciated, never done this before so I may so this is certainly not trading advice haha!
There are two descending triangle formations since the correction from the 14k mark, I will be looking for a double confirmation before taking either my Long or Short position. As you can see from my charts we are currently flirting between the initial long and short lines of confluence.
Macro Trend
If we stay above the 11,300 mark I will be waiting to purchase when we exit the dashed descending triangle, with a target of 12,800.
I'f we fall bellow the 11,300 mark I will be looking the enter a short position with a target of 9980.
Exit of both trends will make this analysis invalid.
Micro Trend
There is also short squeeze potential from 11,400 - 11,990 if the current green trend line is broken.
Like wise, if we fall bellow the 11,250 then we can expect to fall to 10,700.
Opinion's and suggestions would be greatly appreciated, never done this before so I may so this is certainly not trading advice haha!
Note
Short squeeze from 11,397 to 11,726 played out perfectly the moment we exited descending triangle.If we exit the triangle then that will be my signal to buy. If we are rejected we can expect a dip back to the red line of support before another future retest further into the trend.
Note
Buy signal has been reached, lets see how this plays out..Note
11,500 should be the new support if this bullish sentiment is to continue, if we fall bellow this price point we should expect to return to the descending triangle triangle formation.Trade closed: target reached
Long target has been reached with a lot of sell pressure at the 12,800 mark exactly as I anticipated. I have stop losses in place for my long positions with 'short' sell orders set for any sign of a bearish divergence.Prediction: 12,600 is proving to a be strong support with the current price action, if this is broken we can expect a move to the downside.
However, I believe this would be a short lived correction followed by a bullish continuation, with 12,100 acting as support.
Note
Wow, my 12,800 target did in face retrace to 12,100 exactly as I anticipated in my last comment. A bullish continuation towards 13,000 again also occurred where again I had exited my long position before another crash.First TA has panned out perfectly, I hope to post more in the future. Thanks for reading :)
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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.