TuTrieuTrading

Running Flat or Double Top - Waiting for the breakout of BTC

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After touching $18500 support, BTC touches $19888 resistance again.
This 4th the price retests $19888, proving this is a strong resistance.

In H4 time frame, potential model includes 2 cases
- Case 1: The current price is following the Running Flat corrective wave and the downside target will be $16900 after breaking down $18500 support.
- Case 2: A Double Bottom pattern is complete if price breaks out of the strong $19888 resistance and BTC continues the uptrend, target $23000-$25000
- Financial markets are simply a matter of probability. If you give a 100% claim, you are losing your chance to make money into other people's hands.

Conclude:
- For those who want high winrate, wait for the breakout points to enter the market.
- If you tend to be more adventurous and open up a small time frame, you will find attractive positions.
- Whatever school you belong to, always set stoploss cuz "It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong.” - George Soros

Comments

so detailed and informative 👍👍
+2 Reply
@biitsmee thank you!!!
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The probability of breaking above increases with every test of the resistance level.
I think it is fair to say the odd are in favor of breaking through on the fourth try assuming we make it back to 19,800.
+1 Reply
TuTrieuTrading InfinityofWealth
@InfinityofWealth yea, the long-term trend is bullish anyway, so the bulls could push the price up any time
Reply