BTC buy the dip for a pullback
Updated
Expecting a pullback to the EMA12 on the daily. Should be a fairly short trade. Reason for the trade is the formation of a pattern I have found very reliable over the last two months, that occurs on dumps. Two triangles, one finishing with a lower low and the next with a higher low than the last. It is accompanied by bullish divergence on the RSI. I am expecting a short term reversal of this bearish trend.
Stop loss below 9700 as a move below 9700 would invalidate the pattern.
Open - 9930
TP1 - 10622
Stoploss - 9693
Stop loss below 9700 as a move below 9700 would invalidate the pattern.
Open - 9930
TP1 - 10622
Stoploss - 9693
Note
Extended SL to 9617. new RR 2.53
Trade closed: stop reached
Note
Well looks like we got stop hunted. Will have to be more generous with stops in future
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.