filbfilb
Long

BTC: Weekend trading

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             likes to rally through Friday afternoon into an early sunday selloff (this has been the case for the last 6 consecutive weeks)

Here you will see on the hourly that we will look to attack the $8600 range in the next few hours.
Here we may find some resistance and hopefully then breakthrough with eyes on the 200sma and next level of resistance in the 9-9.4k range where heavy resistance will be met.

A break as described would suggest a lower time frame cup and handle breakout is in play, with a potential sunday pull back representing a throw back to the cup breakout level.

If we can sustain bullish momentum $11k looks possible next week with obvious initial difficulty breaking 10k.
If you miss a break, wait for throwbacks/ confirmation.

Risk of lows look to be at $7900.

Happy trading and all the best

filbiflb
Comment: So we nearly hit 9.1k. I took half of my trade off the table at that level for a nice $800 move now looking to re enter lower tomorrow. let’s see if we have another go at 9.4 tonight.
Comment: suspect were about to see a 350$ ish move

Comment: We got the move down and caught a great buy the dip re entry.
Trade closed manually: All trades exited.

Profits booked initially on the $800 move up and then $500 bounce so happy with the result.

Im sitting it out to see if the bulls can sustain the green on the weekly (pink line shown) Will set up the move for next week. Watch for the final 4 hours of the week, they will be volitile.

Permit me to correct you sir. What we have there is a flag, not a triangle.

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Commodore3 Commodore3
@Commodore3, And we just broke above it! :D
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Bullish or bearish? Anyway, I look forward to some day soon that I will be this good with analysis. In the meantime, I would try to see how I can still make some profitable trading gleaning from you.
+1 Reply
350 up or down? Or vague on purpose? :-)
+1 Reply
WillRoper WillRoper
My vote is down fwiw
+1 Reply
filbfilb WillRoper
@WillRoper, ha.. on purpose. Im marginally bearish in opinion.
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We are in an ABC correction in 5 minutes timeframe. We're currently in wave 4 of wave C. I'm waiting for wave 5 to help me push ripple down to the 0.90s. Looking to do some nice pair trading. I'll take my profits off immediately it's midnight UTC. Thanks for the heads up on the weekend cycle
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Your analysis is always spot on much appreciated!
+1 Reply
It's amazing how much the timing of price action has come into play for Bitcoin. Thanks for this!
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