W0lfRAider

Update BTC USD 15 min - Parallel channel - Back up from here?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
See my previous idea for the background of this update.

Price has indeed retraced as could have been expected. It found support at a very logical area. It's bouncing in a short range on that under trend line of the parallel channel .

A resolution up- or downwards should occur soon. Given the setup, I prefer a bullish outcome. Chances are substantial we move up (target upper trendline - again). We need to break that downwards sloping small trendline though for confirmation. Inverse shoulder head shoulder pattern.
Comment: Not quite working according to the desired plan. We are trading slightly under the parallel channel now and the neckline is not been broken. I am not saying it's impossible to return into the channel, and break the neckline eventually. Affter all this is bitcoin and surprises do occur on the upside. But it's not something I am gonna bet on right now. DYODD :-)
Comment: We are there now, 'neckline'. Not the way I expected it, let's see how this plays out. Not so sure to be honest if that 'confirmation' of the breach of that downwards sloping trendline (neckline) is as valid as it should have been in my posted setup/idea. Its a peculiar trajectory in a way.
Comment: Neckline broken it is bull imho. You need to have some confidence lol. LONG

Comments

Look how it has been played. break channel but support horizontally, back in channel, break neckline and in principle that makes a GO for bulls. Stops under neckline (according to your own risk management of course, that's impossible for me to gauge).
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