Is BTCUSD ready for a big move? Three triangles confined in one!
Hi,
during the past month we have seen a significant move to the upside for BTCUSD.
It has made its parabolic move to the upside and is now approaching the last triangle of the bigger triangle pointing towards its respective goal.
After reaching it I expect it to move contrary to the trend in a strong move to the downside.
That the correction will take place it the next couple of days will be very likely, however I want to make clear that this formation does not provide a trading entry. It is highly advisable to wait for a breakout in the expected direction and that one acts accordingly.
If the move will be a correction I expect it to touch the area between the two orange lines, showing the 50 and 61 % retracement of the parabolic price action towards its respective goal.
Sell: wait for the breakout to the downside or set sell order near the next major resistance.
Buy: the dips inside of the uprising triangle. Trade the edge with care and wait for confirmations on lower timeframes.
Feel free to comment or like and I will be posting more in the future.
Be happy and patient
Heish
during the past month we have seen a significant move to the upside for BTCUSD.
It has made its parabolic move to the upside and is now approaching the last triangle of the bigger triangle pointing towards its respective goal.
After reaching it I expect it to move contrary to the trend in a strong move to the downside.
That the correction will take place it the next couple of days will be very likely, however I want to make clear that this formation does not provide a trading entry. It is highly advisable to wait for a breakout in the expected direction and that one acts accordingly.
If the move will be a correction I expect it to touch the area between the two orange lines, showing the 50 and 61 % retracement of the parabolic price action towards its respective goal.
Sell: wait for the breakout to the downside or set sell order near the next major resistance.
Buy: the dips inside of the uprising triangle. Trade the edge with care and wait for confirmations on lower timeframes.
Feel free to comment or like and I will be posting more in the future.
Be happy and patient
Heish
Trade active:
It has popped out sooner that I would have expected but now I am potentially waiting for a lower low or a retest of the channel to trade it down.
Comment:
sorry I mean of course that i am waiting for a lower high not a lower low.