cryptosnek
Long

Ascending triangle forming on btc, Still bullish.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Price has consistently failed to break the 11.1k level on the daily.

Ascending Trinagles are a bullish chart pattern - We saw one forming back when btc was in 4k area, Now its forming at the the current price range of 11k-13k.

IF it breaks above we could be looking at bitcoin TESTING ALL TIME HIGHS!

But nothing is certain in trading - So DYOR as well!

Main level to be aware of 11.1k We close below this level on the daily for any reason - This trade idea would be invalidated.

Wish you all good trading and profits!
Comment:

The green zone b/w 10.9k and 11.1k is the ideal buy area to manage risk.
Comment: This idea is only valid as long as btc stays above 11.1k on the daily.
Comment: So we wait. 2 more hours left before daily candle. If btc closes below 11.1k, It means this trade setup is not valid and it would imply a change in trend.

But lets wait and watch what magic happens in the next 2 hours.
Comment: and voila! price bolted up from 10.8k -> 11.3k!! scary good stuff if you can trade the 1 min charts. ;) Long from 11,001! Plan to hold for a wile hopefully!
Comment:

Bullish divergence on 4h. If btc continues to hold 11.1k on daily charts expect more upwards movement!
Comment: Sigh...The market makers simply dont want us to have any profits at all it seems. Yet another day of waiting to see where the daily CLOSES. On my previous position i got stopped out at 11.1k from my long @ 11k, Now currently just waiting to re-enter based on price movement.

Again, If daily breaks support of 11.1k - I have no problems turning bearish immediately.
Order cancelled: Well that was an emphatic response from price action saying we have found the local top. Now its time to be bearish.
ounga bounga it's market makers fault ounga

Just stop projecting your feelings on the chart and start waiting for confirmations
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@Maped,

I actually agree - i let my feelings get the better of me instead of waiting for confirmations..I am not in any position RN - that stop loss at 11.1k saved my ass. I am not too optimistic of this going above 11.1k RN.. :(
Reply
Nice triangle.!
Reply
cryptosnek Bullandbeartrading
@Bullandbeartrading,

ah it was drawn out of approximates without mucch consideration given to artistic tastes. Im sure if u check out my mermaid and snake drawing ideas u will like better!

But yeah! Im not sure whether this triangle idea will hold - But we''ll see!!
Reply
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