This falling wedge is very nice on the 1H
We are also in a bigger wedge I posted earlier
If support of this wedge fails we could see a retest of $6,000 with potential for double bottom or downside continuation but for now i'm trading this
pattern & watching for potential reversals on multiple time frames
Everything I have ever learned from my masters & my personal education on trading tells me to be buying here
1. trade with theory (& have trading plans with that theory)
2. back test your setups (falling wedge is one of my favorite setups & has good odds when played right)
3.buy in times of high emotional panic/psychological pain
4.use Fibonacci for risk to reward
On a macro scale bitcoin risk to reward favors buying as we have fallen onto the .618 so we are below 50% retrace so probabilities by rules of risk to reward favor buying
On the shorter time frames we are in-between the .786 and .618 of the wave we made from 6k upto 12k
make your trading plans have some capital you are willing to set stops with if we see support failure at 6k so you can buy the dip later.
personally I think we will see a short term trend reversal soon & possibility long term trend reversal due to risk to reward and demand for crypto but its anyone's game and the bears may have more leverage then the bulls you never know for sure you can only make plans around both options so you profit no matter what happens.
We are also in a bigger wedge I posted earlier
If support of this wedge fails we could see a retest of $6,000 with potential for double bottom or downside continuation but for now i'm trading this
pattern & watching for potential reversals on multiple time frames
Everything I have ever learned from my masters & my personal education on trading tells me to be buying here
1. trade with theory (& have trading plans with that theory)
2. back test your setups (falling wedge is one of my favorite setups & has good odds when played right)
3.buy in times of high emotional panic/psychological pain
4.use Fibonacci for risk to reward
On a macro scale bitcoin risk to reward favors buying as we have fallen onto the .618 so we are below 50% retrace so probabilities by rules of risk to reward favor buying
On the shorter time frames we are in-between the .786 and .618 of the wave we made from 6k upto 12k
make your trading plans have some capital you are willing to set stops with if we see support failure at 6k so you can buy the dip later.
personally I think we will see a short term trend reversal soon & possibility long term trend reversal due to risk to reward and demand for crypto but its anyone's game and the bears may have more leverage then the bulls you never know for sure you can only make plans around both options so you profit no matter what happens.
Note
all looking good and clear!
Note
nice Note
Note
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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.