The bitcoin price found resistance at $24,000.
I was waiting for clarification of the situation to understand what structure the price may be in at the moment and what to do now.
On the one hand - 2 impulses were formed downwards, which may become a starting point for the start of strong sell-offs; on the other hand - the upward movement may continue within wave C of wave Y, forming a bearish wedge.
In such a situation it is possible to open a long position, but take into account the fact that in case of a negative scenario it is necessary to quickly make a decision to roll over on short sales.
I plan to sell bitcoin at the end of the wedge, or at the breakdown of the low of wave 1 as part of the descending momentum repeat pattern.
Best Regards,
CEO Tornado Capital
I was waiting for clarification of the situation to understand what structure the price may be in at the moment and what to do now.
On the one hand - 2 impulses were formed downwards, which may become a starting point for the start of strong sell-offs; on the other hand - the upward movement may continue within wave C of wave Y, forming a bearish wedge.
In such a situation it is possible to open a long position, but take into account the fact that in case of a negative scenario it is necessary to quickly make a decision to roll over on short sales.
I plan to sell bitcoin at the end of the wedge, or at the breakdown of the low of wave 1 as part of the descending momentum repeat pattern.
Best Regards,
CEO Tornado Capital
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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.
Related publications
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.