It's been a looong wait in BTC terms but the 30.2k target of the massive broadening formation is in sight. One more scallop vert and its home and hosed. She moves like a bucket of bolts these days without Chinese Miners banging her up. Congrats on those that spotted the goal and had a good entry. Keep lifting those stops or just sell when the trend collapses and swing her back to 50% of the runup or 50ma or be a bright soldier and wait till the trend speaks for itself. Happy days !
Note
Micro strategies for ballers that read tape: Bail and short if it drops out of the inclined fork (you are probably already short if you read tape and felt that accomplishment/rest time caper after that first scallop cup rim was won at 28.8k in which case you are watching tape on this and started already loading up around that new neckline 28.3k that's forming)- as we will be testing recent low 27.5k if it breaks. i.e. doesn't rebound off the blue dotted line that is the broadening pattern's top trend. Buy back in when that downward trend breaks for another shot at rounding the scallop testing the 29.2k high - we are sentimentally long peeps, she is over the 50dma and 200dma and the bulls won some serious coin this month at the options mill and no reason they won't keep pushing to break the backs of those bears... The prizes are all on trend.Note
That short mentioned in the previous comment from 28.8k is looking old in the tooth with a double bottom on the tape.Note
Been loading up a short based on an ominous formation above a fragile neckline. will swing when it breaks enough downward trends, my snapshots take a day to get accepted so sorry the visual is lagged.
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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.