Here's my idea of how Bitcoin's Upward Breakout From The Horizontal Triangle may play out - Probability Scenario
Urgency: Imminent
Upward Breakout Probability Percentage: 50%
First Target: $12,500
2nd Target: $12,850
3rd Target: $13,100
Final Target: $14K
Horizontal Triangle Consolidation Expiration Time: Maximum 16 hrs
If it goes south, here are the support Levels:
1. $11,200
2. $11,000
2. $10,500
3. $9,500
4. Abyss
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Trade the breakout.
Warning! Watch for FU moves, high wicks, Bots hunting for stop losses.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
4th's The Charm - Bitcoin Breakout
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
===============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Urgency: Imminent
Upward Breakout Probability Percentage: 50%
First Target: $12,500
2nd Target: $12,850
3rd Target: $13,100
Final Target: $14K
Horizontal Triangle Consolidation Expiration Time: Maximum 16 hrs
If it goes south, here are the support Levels:
1. $11,200
2. $11,000
2. $10,500
3. $9,500
4. Abyss
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Trade the breakout.
Warning! Watch for FU moves, high wicks, Bots hunting for stop losses.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
4th's The Charm - Bitcoin Breakout
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
===============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Note
Horizontal triangle has been extended.All targets are still valid.
Note
Bullish signals on H4.
Note
Bullish Divergence on RSIMomentum Directed Upwards
Major trend is directed upwards
Potential For Upwards Breakout: Mid To High
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Note
Multiple Bullish Divergences fortifying bullish signals.Price has breached strong resistance level of $11,833.
Leaning more towards a bullish breakout.
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Note
The stronger and higher probability (68%) of breaking downwards Rising Wedge dominated over the 50-50 chances Horizontal Triangle.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.