Trade Idea on Bitcoin Fully Explained by ThinkingAntsOk

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Use this as an Idea to develop your own setup

Main Items we see on the Daily Chart:
a)Price is against a major Weekly Resistance Zone
b)Price is against the descending trendline of a possible descending channel (yellow lines)
c)If the price is rejected from the current area we will wait for a breakout of the ascending trendline
d)If that happens we will wait for a corrective structure making a pullback to the broken ascending trendline
on a lower time frame like 4hs or 1h
e)The corrective Structure we are waiting for must be an ABC pattern or an ABCDE triangle formation
f)On the chart we have set an idea of where we wil be looking for our Entry Stop and TP

Weekly Vision:

If the price breaks above the yellow channel with a Daily Candlestick we will cancel the short hypothesis
Thinking Ants.
A platform entirely created to improve Traders development.
nice setup
@cryptegrity, Thanks for the comment!
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