High Probability for Bitcoin 2nd Upward Leg Move
If you check my previous analysis, Bitcoin is moving within large trading range.
Best strategy in trading ranges is to buy low and sell high. To do that, first of all price have to move either 1/3rd up that is buy zone or 1/3rd bottom that is sell zone. After that, look for patterns like double bottom, double top or wedges. Then with breakouts you can enter.
Bitcoin reached its sell zone and double bottom was formed there, I was waiting for breakout of trendline and DB neckline.
Triangle formed after DB and then bull breakout + follow-through buying. This means 60% to 70% chance for another leg up and measured move up.
Targets can be: 1. Measured Move Based on DB Height 2. Measured Move Based on Breakout Height 3. Range Top and Filling the Gap Down
Best strategy in trading ranges is to buy low and sell high. To do that, first of all price have to move either 1/3rd up that is buy zone or 1/3rd bottom that is sell zone. After that, look for patterns like double bottom, double top or wedges. Then with breakouts you can enter.
Bitcoin reached its sell zone and double bottom was formed there, I was waiting for breakout of trendline and DB neckline.
Triangle formed after DB and then bull breakout + follow-through buying. This means 60% to 70% chance for another leg up and measured move up.
Targets can be: 1. Measured Move Based on DB Height 2. Measured Move Based on Breakout Height 3. Range Top and Filling the Gap Down
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.
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.