BTCUSD 4H forming a nice breakout set up.
BTCUSD has formed a 123 formation and another internal 123 formation that needs to finish its current triangle before breaking out.
If the triangle fail to break out, BTCUSD has two support levels at 6300 and 6180.
Those two support level will have a new opportunity to continue the major 123 bottom formation.
No set up is guarantee to play out at 100%
BTCUSD has formed a 123 formation and another internal 123 formation that needs to finish its current triangle before breaking out.
If the triangle fail to break out, BTCUSD has two support levels at 6300 and 6180.
Those two support level will have a new opportunity to continue the major 123 bottom formation.
No set up is guarantee to play out at 100%
Trade active
As expected, BTCUSD drop to 6300 region. I expect another drop to 6100-6150 in the upcoming daysTrade active
BTCUSD Manage to stay above 6300 Ragion as describe on the previous set up.Now we just broke a MAJOR anticipated resistance at 6500.
The next target is 6630-6630. We should see a Pull back down to 6490-6510 Region after that.
Note
RSI is at Overbought region, So Im not sure how long we gonna sustain the steam. Another drop from 6000, will send us back temporarily to 6460-6500.Note
If we do not hold 6400-6500, Next target is 6380Note
The RSI trendline IS BROKEN on the 4H timeframe, but price still within its trendline. BTCUSD could retest 6550 before dumping to 6380 region, which is 0.618 rigion. The next upside move will be more aggresive. Could see 6700 early next week
Note
We have perfectly reached our target to 6400 region and the price trendline was broken as expected. The RSI followed exactly as we anticipated it, but it still has room cool off more. This mean that the tager of 6380 could still be in play. if you wanna maximize profit you could wait for it. From it current price range of 6420, our next first stop for BTCUSD is 6700-6730.
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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.