Hey there,
let´s just crack into it.
BTC is forming a Wedge, with at least has to form 2 highs (1 high and one lower high), which already happened, as well as two lows (low and higher low), while the second low could be formed when hitting our happy little box.
The area at 32.500-34000 could be a target, and if it is hit and it bounces, there is a good chance to create this wedge pattern.
7 out of 10 of these patterns turn out as a breakout, which means a bullish movement to the upside.
Anyhow, in some scenarios, 3 out of 10 turn out to be breakdowns, which pulls the price to lower levels.
The price target when breakouts appear is the length of first high and low, which marks the widest range at the same time. This is measured from the point the price leaves the wedge pattern.
BTC could rise up to prices of 48.000USD in January if this wedge breaks out.
Some breakouts to the upside tend to retest the highest high of the wedge, to find an already created support at that point.
Volume is okay- for a positive, healthy,y, and confirmed breakout, we want to see the price move up with high volume dynamically.
Rsi indicates not very much since this is a short term swing.
I will take this short, let´s see what it brings us.
If you are trading with stop losses you might consider placing some at certain points.
And as always,
happy trading,
gqt
let´s just crack into it.
BTC is forming a Wedge, with at least has to form 2 highs (1 high and one lower high), which already happened, as well as two lows (low and higher low), while the second low could be formed when hitting our happy little box.
The area at 32.500-34000 could be a target, and if it is hit and it bounces, there is a good chance to create this wedge pattern.
7 out of 10 of these patterns turn out as a breakout, which means a bullish movement to the upside.
Anyhow, in some scenarios, 3 out of 10 turn out to be breakdowns, which pulls the price to lower levels.
The price target when breakouts appear is the length of first high and low, which marks the widest range at the same time. This is measured from the point the price leaves the wedge pattern.
BTC could rise up to prices of 48.000USD in January if this wedge breaks out.
Some breakouts to the upside tend to retest the highest high of the wedge, to find an already created support at that point.
Volume is okay- for a positive, healthy,y, and confirmed breakout, we want to see the price move up with high volume dynamically.
Rsi indicates not very much since this is a short term swing.
I will take this short, let´s see what it brings us.
If you are trading with stop losses you might consider placing some at certain points.
And as always,
happy trading,
gqt
Trade active:
Alrighty, as we can see, the price bounced from our rectangle!
Afterwards it made a higher high (on the shorter time frame) which could indicate another leg up.
There is still a chance to fill the rectangle at 32-34K, though the odds are against this since we bounced and made higher high. I´ll let this trade open until at least tomorrow!
Happy trading everybody :)
Afterwards it made a higher high (on the shorter time frame) which could indicate another leg up.
There is still a chance to fill the rectangle at 32-34K, though the odds are against this since we bounced and made higher high. I´ll let this trade open until at least tomorrow!
Happy trading everybody :)
Trade closed: target reached:
Okay, guys, we hit 34K as anticipated- slightly a little faster than expected on the left side right before the box. Afterwards, we bounced from that are which led the price to hit the upper target of the triangle.
There is another chance to hit the lower line of it again, that would be the levels of the box, but this time slight right of it.
This pattern usually leads to breakouts, but sometimes breakdowns occur as well. A breakout to 48K is absolutely in range, but I would be careful since we are trading at all-time high levels.
Let us see how this one turns out,
happy trading everybody
There is another chance to hit the lower line of it again, that would be the levels of the box, but this time slight right of it.
This pattern usually leads to breakouts, but sometimes breakdowns occur as well. A breakout to 48K is absolutely in range, but I would be careful since we are trading at all-time high levels.
Let us see how this one turns out,
happy trading everybody
Trade closed: target reached:
Okay, we gonna close this trade, our price target within the box was actually hit.
Though it just happened right before and right after the timeframe we predicted.
Anyways, very good gains in this one & congratulations, if you took this short!
See you in the next one,
gqt
Though it just happened right before and right after the timeframe we predicted.
Anyways, very good gains in this one & congratulations, if you took this short!
See you in the next one,
gqt
May the force be with you