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Continuation

Bull pennant/symmetrical triangle reaching apexWe can see the stoch rsi is nearing the bottom again as we are about to reach the apex of the current symmetrical triangle/bull pennant pattern we have been bound in on the 4hr chart for the last couple days. Probability favors this continuation pattern breaking to the upside, and we have to potential bullish targets. One that factors in the height of just the triangle and the other which factors in the height of the pole of the bull pennant. Both are reasonable targets, the triangle only one seems to find resistance from the 4hr 200ma(in blue) and the bull pennant seems to hit resistance at the psychological resistance of 7k. I say be ready for both but my strategy is going to be once we hit either to pay close attention to the price action and the rsi/stochrsi levels at that point. If both seem exhausted I will exit at that point with a stop buy set up a few pips above that line of resistance. I anticipate once we do find that line of resistance we will dip again but only enough to form a higher low and continue our higher low/higher high pattern. My goal will be to time it just right so that I can hop back in near that new higher low...but if for some reason it doesn't dip my stop buy will prevent me from losing any significant amount of btc. This is just my strategy and not meant as financial advice. You do you, and best of luck in whatever you decide. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
2