PRICE ACTION:
In previous boxes, price has consolidated for a few months.
But the last range between 5k and 8k broke out on the second
attempt on November 18. We consolidated for a few days above that 8200 level, and now we have broken out of that flag.
Originally, I was planning for another rangebound BTC before breaking out like we've seen in previous boxes, but it looks like these waves are getting closer together, with less consolidation: this is also a sign of a top.
But that said, the next targets based on Fib levels from the Sep to Oct decline and the November decline.
So playing this like another classic BTC breakout with a target of 10k.
THE PLAY:
Long over 8375 (consolidation range high)
Stop: under 8000
Target: 10k (261.8% and 200% retracements of September and NOvember decline srespectfully.
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!! DM me with chart requests or questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
In previous boxes, price has consolidated for a few months.
But the last range between 5k and 8k broke out on the second
attempt on November 18. We consolidated for a few days above that 8200 level, and now we have broken out of that flag.
Originally, I was planning for another rangebound BTC before breaking out like we've seen in previous boxes, but it looks like these waves are getting closer together, with less consolidation: this is also a sign of a top.
But that said, the next targets based on Fib levels from the Sep to Oct decline and the November decline.
So playing this like another classic BTC breakout with a target of 10k.
THE PLAY:
Long over 8375 (consolidation range high)
Stop: under 8000
Target: 10k (261.8% and 200% retracements of September and NOvember decline srespectfully.
---
!! DM me with chart requests or questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
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start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591