Bitcoin -0.13% is still trading in a bearchannel and as we see the last dip unable to make it back to the previous lows, I am turning a bit more bullish here.
Confirmation should be an obvious break of this channel to the upside, with good volume and a nice swing high with bullish candles. (we dont want to see one large rejection candle)
A great buy would be to wait for this breakout and then setup fibs on the last Elephant Wave and buy the dip on the retracement fibs as usual.
The price should not breach your position after bouncing from the buy area but to make sure, I usually set my position to break even just in case.
I also see a great long should we test the lower end of this channel again but that is a higher risk play as you have the trend against you.
Untill one of these events take place I will continue to trade this channel.
Confirmation should be an obvious break of this channel to the upside, with good volume and a nice swing high with bullish candles. (we dont want to see one large rejection candle)
A great buy would be to wait for this breakout and then setup fibs on the last Elephant Wave and buy the dip on the retracement fibs as usual.
The price should not breach your position after bouncing from the buy area but to make sure, I usually set my position to break even just in case.
I also see a great long should we test the lower end of this channel again but that is a higher risk play as you have the trend against you.
Untill one of these events take place I will continue to trade this channel.
Comment:
Perfect elephant trade :D