We see a DOUBLE TOP forming in Bitcoin at the 4200 level on the 1 hour chart.
That is a bearish pattern, but in the larger uptrend
MY FORECAST:
We could see a pullback to the 4000 breakout level, which should now serve as support. A good place to buy in and take advantage of the next leg up to 5000
TRADE IDEA:
Long - Wait to buy until pullback to 4000 level (3900 - 4100 support range).
Stop - 3850 (swing lows from August 13)
WATCH OUT.
If BTC breaks 4000 and goes through the 3850 stop, we should see a pullback to the next support level of 3500.
That is a bearish pattern, but in the larger uptrend
MY FORECAST:
We could see a pullback to the 4000 breakout level, which should now serve as support. A good place to buy in and take advantage of the next leg up to 5000
TRADE IDEA:
Long - Wait to buy until pullback to 4000 level (3900 - 4100 support range).
Stop - 3850 (swing lows from August 13)
WATCH OUT.
If BTC breaks 4000 and goes through the 3850 stop, we should see a pullback to the next support level of 3500.
Order cancelled
Double Top invalidated. 4200 is now a new level of support.What a rally folks!
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.