We have seen this pattern formation often with Bitcoin, so we know how to trade it (see our previous threads!).
There are two possibilities:
A breakout to the upside with a MIN TP of $8205 and a MAX TP of $8681. We can wait for a breakout of the all time high at $7602 or fetch the early bird price of $7452 with a breakout upwards from the crown reversal zone.
Alternatively, a crown reversal is very possible with a short MIN TP at $6744 and a MAX TP at $6523. A break of the rising wedge trend lines can serve as confirmation or get involved with a break of the crown reversal zone at $7340.
*Keep in mind these TP levels can change with further analysis of price action.
***This is a high risk trade as the bullish cycle expires today. This means a break to the downside is more likely than upwards under normal circumstances. Given some fundamentals in this market, this bullish cycle might be prolonged.
Cheers and GLWT!
-Erik
There are two possibilities:
A breakout to the upside with a MIN TP of $8205 and a MAX TP of $8681. We can wait for a breakout of the all time high at $7602 or fetch the early bird price of $7452 with a breakout upwards from the crown reversal zone.
Alternatively, a crown reversal is very possible with a short MIN TP at $6744 and a MAX TP at $6523. A break of the rising wedge trend lines can serve as confirmation or get involved with a break of the crown reversal zone at $7340.
*Keep in mind these TP levels can change with further analysis of price action.
***This is a high risk trade as the bullish cycle expires today. This means a break to the downside is more likely than upwards under normal circumstances. Given some fundamentals in this market, this bullish cycle might be prolonged.
Cheers and GLWT!
-Erik
Trade active:
I've been long since $6925 as per our previous thread!
Comment:
For long entries, should not trade below the $7200 support area.
Trade closed: stop reached:
Ouffff!!! This is getting exciting XD I warned you about the bullish cycle I hope you listened!
Comment:
Down to "D" following a breach of the big rising wedge line?
Comment:
Finally, crown reversal?
Trade closed: target reached:
MIN TP! CHeers!
We could form an inverse head and shoulders with the current pattern on the chart...but a break below the bottom big rising wedge line will indicate a more serious correction.
We could form an inverse head and shoulders with the current pattern on the chart...but a break below the bottom big rising wedge line will indicate a more serious correction.
Trade closed: target reached:
Kissed MAX TP!
Watch the big rising wedge line and the thick teal line which is the top of the bull channel.
Watch the big rising wedge line and the thick teal line which is the top of the bull channel.
