harrynv11
Long

BTCUSD Bullish Wedge?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
We have a falling wedge and RSI is forming inverse H&S pattern on the daily chart .
This is high risk, if you enter a long so keep it small and stop below 6000 level or strong support at 5700 level
Targets are around 6700 and 7000

Trade closed: stop reached

Comments

Nice identification of an inverse H&S pattern on BTCUSD and there may be bullish bias as you have identified. The support that we have identified is at 6446.8. It is a horizontal swing low support, with 100% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its support and we might see a corresponding rise in price should it react off this level. If a corresponding bounce does occur, we may want to look at the 7419.1 resistance level, which is above the resistance that you have identified. There is a 61.8% Fibonacci extension. Excited to see how things develop.

Please take a look at our idea and share with us what you think.

Reply
harrynv11 easyMarkets
@easyMarkets, It's great to see someone having same idea. Appreciate it.
Fibonacci is useful but I only use it for reference. In this volatile market, price regularly blow past all Fibonacci levels.
ANW, Thanks for your feedback and hope to receive more from you.
+1 Reply
easyMarkets harrynv11
@harrynv11, we too do not use fibonacci as a confirmation more of a support that further substantiate our levels! :)
Reply
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