Bitcoin is currently within bullish pennant pattern. Bullish targets are outlined on chart. Since there's much uncertainty with Bitcoin on short term time frames and fractals, there's a chance of it flipping bearish and breaking support of $9,800 in which case we will be looking at targets of $9,100 and $7,700 in medium term.
Long positions have advantage here since we are right at the local pattern support, which means that there's a high chance that we see upward momentum. Hedging your positions here might not be the best idea, but you can certainly start opening small SHORT positions ones bearish confirmation line breaks and we close below it.
I feel like this is the more appropriate chart before anything rises...
VisionCodeX
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@simplyeric, This is what I'm seeing.
tommyf1001
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I'd have to agree with this chart! Your A to B waves match up perfectly with this Bat harmonic pattern:
VickzinBK
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Hey, this is a risky long but I think a perfect short at around 11.4k is ideal if BTC reaches that price. Check out my chart and let me know what you think.
Cryptonite_trader
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Bullish tringle. I agree and this is how I see the short term play
MasterPlayer
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BTC 5k Easy let's go down surely
Aprenda a pronunciar
Altseason can never die
PMA - NPXS - DTA - RDD - BTT -
ready to fight
VisionCodeX
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Problem is, if you go long here the chances of a quick and sharp plunge are high. The risk/reward isnt in your favor. Sitting on-trend line now isnt a good signal. I suspect bulls are afraid here -- the thesis didn't really play out. Mass adoption never happened. What happened to all those institutions?
BDG
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@Akhokhar86, that's true but if you have a tight stoploss just below the bottom wedge, you can get out in a hurry. You then have an option of shorting it as it goes down. Your risk is $200 (stop) and your potential reward is $1000 (upper part of wedge). It looks to me that BTC is bearish on the daily and weekly charts, but bullish on 6 hour. If the 6 hour remains strong long enough to turn the daily bullish, we could have a trade here. If not, like you said, we are likely headed lower.
VisionCodeX
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@BDG, True. If you can trade it, GL! I suspect most will get stopped out. Building a long-term short will be most profitable here imo.
Weekly momentum indicators suggest sub-8K is coming soon, 5K very possible (where the parabolic breakout began...on 4/1 go figure). If that happens, 20K is out of the question for 2019 at least and I suspect that it is the top for a very long time.
Bulls literally have to prevent 8K or the story won't be believable by anyone but the original fan base. If they start to realize the narrative is over....welp.
I feel like this is the more appropriate chart before anything rises...