kuegi

BTC broading triangle in broadening triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After BTC broke out of the ascending triangle and bounced again from the broadening triangle down, it now formed a broadening triangle within the other one .
So i see two scenarios: it either bounces already in the inner triangle and moves back up to the big resistance, or pushes throu and retraces all the way back to the lower bounds of the bigger triangle.

Looking at the action and overall sentiment, i guess whales will play a little game on the bounds of the inner triangle, bouncing back triggering buy stops, and then push down to the bigger resistance. but thats just a guess. lets see
Comment: looks like the inner support holds and we follow the first green path.
Trade active: sorry, forgot to update. we definitly took the green path . now it finally broke out of the inner channel/flag so i'm trailing the stop
Trade closed: stop reached: thx to the attorney general and bitfinex, the trailed stop got hit and the first long trade finished with 1.5R plus. not best result possible, but it works.

now we are back at the "start": the price bounces off the middle resistance once and we either follow the big red arrow, or again bounce significantly up. i expect it to test the support a bit more before it decides.
Trade active: reentry long after break of ascending triangle in H4
Comment: the broadening triangle turned into a ascending flag... restricts the space for the long move, but supports the direction.
Trade closed: stop reached

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