BTC-Is this the bottom?
Hey guys,
As we all know,most actions done by altcoins are strongly related to Bitcoin.
Leaving the subject of market manipulation aside for now,the BTC-USDT chart shows shows quite a handful of scenarios.
It may occur,that we are in a head-and-shoulders pattern at the moment,even though we are constantly seeing higher highs and higher lows,suggesting a rising wedge.(which is a bearish continuation pattern)
Best case scenario: We keep going up and return to the parallel channel that we broke out of.
How to trade : !!The thing we should all pay attention to is the GOLDEN CROSS that may be done by the 200 MA,that is getting close to crossing the 50 and 30 MA's. In this case,i suggest going LONG,with a stop-loss at 5.7K....just in case we break below the double bottom that we have recently witnessed.!!
Keep in mind,that both the rising wedge and the head-and-shoulders scenarios still represent a possibility,so don't take any unnecessary risks until we see some clearer patterns.
None of this is trading advice,as it only represents my opinion on how things will evolve.
If this has been helpful to you in any way,please feel free to drop some change in my piggy bank, or just leave me a review in the comment section.(It would mean the world for me ;) )
BTC: 1FT5eALCLpTKtQDiwQrEvuq51ScXJQqDEZ
ETH: 0x3d2966f2cd842dd4c63cb42991d234b8f07e78b5
For any questions,leave a comment down below and i will answer as soon as i get to see it.
Cheers!
As we all know,most actions done by altcoins are strongly related to Bitcoin.
Leaving the subject of market manipulation aside for now,the BTC-USDT chart shows shows quite a handful of scenarios.
It may occur,that we are in a head-and-shoulders pattern at the moment,even though we are constantly seeing higher highs and higher lows,suggesting a rising wedge.(which is a bearish continuation pattern)
Best case scenario: We keep going up and return to the parallel channel that we broke out of.
How to trade : !!The thing we should all pay attention to is the GOLDEN CROSS that may be done by the 200 MA,that is getting close to crossing the 50 and 30 MA's. In this case,i suggest going LONG,with a stop-loss at 5.7K....just in case we break below the double bottom that we have recently witnessed.!!
Keep in mind,that both the rising wedge and the head-and-shoulders scenarios still represent a possibility,so don't take any unnecessary risks until we see some clearer patterns.
None of this is trading advice,as it only represents my opinion on how things will evolve.
If this has been helpful to you in any way,please feel free to drop some change in my piggy bank, or just leave me a review in the comment section.(It would mean the world for me ;) )
BTC: 1FT5eALCLpTKtQDiwQrEvuq51ScXJQqDEZ
ETH: 0x3d2966f2cd842dd4c63cb42991d234b8f07e78b5
For any questions,leave a comment down below and i will answer as soon as i get to see it.
Cheers!
Trade active
Looks like we broke out of the rising wedge.Probably going to test the 5.9k levels again.
Trade closed: target reached
Looks like the head-and-shoulders pattern has played out just as expected.We are approaching the well-known 6.8k resistance now...Don t get too excited until we break this barrier.
As a result of the lack of volume,there is a high probability of bouncing of this resistance,AGAIN.
Hopefully,you followed this analysis and made some money
-TRADE CLOSED SUCCESSFULLY-
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