Bitcoin Trading Kept As Simple As It SHOULD Be
Updated
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. Upon breaking above the top of the wedge, Bitcoin's first target should be approximately equal to the height of the formation.
Continue to hold shorts if we bounce and stay within wedge, ultimately seeing $3,000.
Breaking above would mean our long scalp opportunity lines up well. Always waiting for the retest with continuation higher into resistance.
A break above resistance at 3270, creating a higher high for the first time this week, with price acceptance above, should be decent opportunity for a long play.
Continue to hold shorts if we bounce and stay within wedge, ultimately seeing $3,000.
Breaking above would mean our long scalp opportunity lines up well. Always waiting for the retest with continuation higher into resistance.
A break above resistance at 3270, creating a higher high for the first time this week, with price acceptance above, should be decent opportunity for a long play.
Note
On the inverse...Continuing to form lower highs and lower lows. The risk/reward ratio is in favor of sticking with the heavy trend.
Failure to stay above this support should mean at least a retest of the yearly pivot lows. Depending on your risk tolerance, playing a short scalp for a retest with a trailing stop to the support below around 2900 may be a good play.
Note
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