Daytrading with Bitcoin
Updated
in the last idea we considered with you the initial diagonal triangle with 5 waves, which gave us a signal in a long position. Happened obvious upward momentum was further testing of the 1 flag and the night I gave you the goal on the chart
Note
and as you can see from it, we also got 6% profit and this is not the limitNote
at the moment I suggest you to work out the flag. It's part of yesterday's setup. And often the price goes up these pulses. The flag is a short correction. And at the moment it is completely ready, it is possible even now to enter to increase the profit
Note
And we have bullish divergence at 15M and 1H - our main timeframes for daily trading
Note
in fundamental terms, everything is good, the main thing we received positive news from the G20Note
it also looks very similar to the upside is not divided into 5 parts. So, we are missing one more wave up, and then may be followed by a correction. So advise already soon to start thinking about closing the entire positionsNote
Note
I must tell you that it turns out we have another triangle, and this means the upside is still expected. On BitMEX I don't see it, there is a flag. On Bitfinex BTC USD triangle, or even a pennant
Note
BITFINEX targets
Note
BITFINEX
the pattern didn't work and turned into a wedge with output down. Therefore, I always recommend to go for a break. I've been out of the game, so no losses
Order cancelled
BitMEX
The flag didn't work and went a break down. Therefore, I always recommend to go for a break. I've been out of the game, so there are no losses. The next support levels. There is also bullish divergence on the clock. So maybe it's wave 4, the long script is still relevant
Note
however, if the price breaks through this support zone, the wave structure will collapse and we "may" waiting for a negative scenarioNote
if will punched 1 wave of momentum, then I will to think over short positionNote
Short
Note
the support worked out after finishing the wave 3, but the price still broke the wave of growth. Therefore, when rolling back, you can enter the short according to your strategy. I'll refrain from the position
Note
I wonder does the bitcoin destroyed of the wave structure in both directions, do not be surprised if we are in the stage flat. You can also see the expanding wedgeNote
Hmm, the wave structure is a little collapsed, but the price finished an impulse. There will be a correction now. In the area of buyers can be considered long. Or go to long about the penetration of the neck of the head and shoulders, which we consider in the following idea
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.