Right now, Bitcoin is getting squeezed into this Descending Triangle Pattern. Since this pattern can be seen as a continuation pattern, chances are that we see another leg up as the next move.
Typical for such a pattern is that the length of the first wave is often almost as long as the length of the break out wave. Thus, the target lies somewhere around 14.4k (1.0 level of the fib extansion) and close to 15k.
As a round up, we have seen a nice bounce from the support on the RSI lately.
And for those of you who are following my ideas, you know that I like to underlie my TA ideas with supportive fundamental/sentiment factors. And as of right now, one could almost get lost in reasons for another bullish BTC move!
Currently we are seeing :
* a developing global currency crisis
* an inverted yield curve which is screaming for a recession
* a trade war between the two biggest economies of our beautiful planet
* immense institutional interest in crypto currencies (like BAKKT, which is about to go live "very soon")
* a tanking stock market
* etc.
Since BTC got widely accepted as digital gold I´m absolutely bullish on it. Micro and macro-trend wise.
But, as always, this is no financial advice! Take responsibility, trade on your own conclusions and never risk more than you can afford to lose.
Stay safe! :)
Typical for such a pattern is that the length of the first wave is often almost as long as the length of the break out wave. Thus, the target lies somewhere around 14.4k (1.0 level of the fib extansion) and close to 15k.
As a round up, we have seen a nice bounce from the support on the RSI lately.
And for those of you who are following my ideas, you know that I like to underlie my TA ideas with supportive fundamental/sentiment factors. And as of right now, one could almost get lost in reasons for another bullish BTC move!
Currently we are seeing :
* a developing global currency crisis
* an inverted yield curve which is screaming for a recession
* a trade war between the two biggest economies of our beautiful planet
* immense institutional interest in crypto currencies (like BAKKT, which is about to go live "very soon")
* a tanking stock market
* etc.
Since BTC got widely accepted as digital gold I´m absolutely bullish on it. Micro and macro-trend wise.
But, as always, this is no financial advice! Take responsibility, trade on your own conclusions and never risk more than you can afford to lose.
Stay safe! :)
Comment:
We are in a decision phase. That's why I would recommend to wait on further confirmation. The signal I'm looking for is a break and close above 12250
Comment:
Ok guys. It looks like the the pattern now turned into a symmetrical triangle. That means, its basically 50/50 in which direction we will break out. Please wait for confirmations and bear in mind that this is S/L hunting season - so be prepared for a fake out as well and hold you S/L very tight!
Ok guys. It looks like the the pattern now turned into a symmetrical triangle. That means, its basically 50/50 in which direction we will break out. Please wait for confirmations and bear in mind that this is S/L hunting season - so be prepared for a fake out as well and hold you S/L very tight!
Trade closed manually:
Guys, my approach turned out to be wrong. The triangle broke out to the downside.
My targets for the downside are:
T1: 11200k
T2: 10800k
I don't expect us to fall lower than that but it depends on the strength of the bears and their pressure. Macro wise BTC is still very bullish imo.
Finally, as a wrap up, it's time to take the lessons of this trade.
What went well:
- patience and the strategy to wait for a confirmation kept me from making the tradeto too early and thus get rekt
- in case of doubt it's better you assume that the previous trend will continue. It didn't happen in this case, but usually this is the right way to approach these kinds of situations
Necessary improvements:
- if the chances for a breakout are 50/50 in either direction, I need to show both possibilities on my charts
Thanks guys, stay safe and see you moon!
My targets for the downside are:
T1: 11200k
T2: 10800k
I don't expect us to fall lower than that but it depends on the strength of the bears and their pressure. Macro wise BTC is still very bullish imo.
Finally, as a wrap up, it's time to take the lessons of this trade.
What went well:
- patience and the strategy to wait for a confirmation kept me from making the tradeto too early and thus get rekt
- in case of doubt it's better you assume that the previous trend will continue. It didn't happen in this case, but usually this is the right way to approach these kinds of situations
Necessary improvements:
- if the chances for a breakout are 50/50 in either direction, I need to show both possibilities on my charts
Thanks guys, stay safe and see you moon!