Hello Traders,
Here is a short Bricoin analysis for the ultra short term.
Bitcoin first formed a blull flag and we now see a bullish falling wedge. That is normal, patterns change all the time and you need to trade what you see not what you think!
It would be good to see a positive divergence in the RSI but it is not there yet. This could mean that we will test the low again at 45500. However, if we break out of the wedge I see 53361 as a target.
At this moment I wait with long or short positions untill we can see which directions Bitcoin will take. Out of the wedge to the up or downside.
Traders always use your strategic placed stops in this market!
Here is a short Bricoin analysis for the ultra short term.
Bitcoin first formed a blull flag and we now see a bullish falling wedge. That is normal, patterns change all the time and you need to trade what you see not what you think!
It would be good to see a positive divergence in the RSI but it is not there yet. This could mean that we will test the low again at 45500. However, if we break out of the wedge I see 53361 as a target.
At this moment I wait with long or short positions untill we can see which directions Bitcoin will take. Out of the wedge to the up or downside.
Traders always use your strategic placed stops in this market!
Note
By the way traders, we are making lower lows and lower highs. Per defenition that means the trend is down until it change.Note
Here I have an interesting view!An inverted scale. Now when you see this chart, is it breaking out to the up or downside. Then look at the normal scale.
What do you think?
Note
The chart says it all ;-)Note
Important:Hello Traders, I analysed Bitcoin and I think that for now we are not going lower then 46000. Later we will see if this prediction was right.
Happy trading!
Note
Dear Traders, here the 1 hour Bitcoin chart and we see a small H-S pattern has formed where the neckline has already been re-tested.I expect now as first targets:
Target 1 46800
Target 2 46014
Note
Traders, please look also at this chart.Target is also a very important key level.
But it does not need to be like this because if this pattern fails we are going like a moonrocket up. When it however break the neckline with a close of the day candle you can preperare yourself for a skydive!
Note
Another chart with the progression of this small pattern.Trade closed: target reached
Note
So for now I see a rebound see the update above
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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.