Bitcoin made rapid growth impulse to a new local ATH $13 863 yesterday morning. However the rest part of the day was quite negative as to cryptocurrency so as to stock market. The closure of the trading day brought the worst single-day decline in nearly two months, causing the richest people in the world to lose over $14 billion in net worth.
Today Bitcoin has rapidly penetrated broadening wedge and felt into the ascending parallel channel which it followed the whole last week. We mentioned this event in the last update to BTCUSD trading analytics which finished with 2/2 swing trades completed.
Currently Bitcoin has touched the channel and pulled back while the S&P 500, the Dow Jones, and the Nasdaq continue to plunge. We forecast the following price action may occur further. You can see forecasted bars at the chart.
In case forecast performs accurately, Bitcoin should retrace to $12 910 level where a local pivot will be formed so we set a buy order at this point. The pivot is confirmed once price crosses $13 100 until this moment we will keep a tight stop loss below pivots bottom which should be located at $12 840
Today Bitcoin has rapidly penetrated broadening wedge and felt into the ascending parallel channel which it followed the whole last week. We mentioned this event in the last update to BTCUSD trading analytics which finished with 2/2 swing trades completed.
Currently Bitcoin has touched the channel and pulled back while the S&P 500, the Dow Jones, and the Nasdaq continue to plunge. We forecast the following price action may occur further. You can see forecasted bars at the chart.
In case forecast performs accurately, Bitcoin should retrace to $12 910 level where a local pivot will be formed so we set a buy order at this point. The pivot is confirmed once price crosses $13 100 until this moment we will keep a tight stop loss below pivots bottom which should be located at $12 840
Trade active:
Bitcoin crosses and closed above $13 100 yesterday. As a result the price action according to the forecast moved up right to our short-term target of $13 470. The trade brought us 2.8% with 5x leverage we received 14% ROE
Currently the price action broke above the parallel channel again and consolidates in the rising broadening wedge. We expect a touch of the upper edge of the wedge and retracement back to the channel right to the Ichimoku red cloud line
Currently the price action broke above the parallel channel again and consolidates in the rising broadening wedge. We expect a touch of the upper edge of the wedge and retracement back to the channel right to the Ichimoku red cloud line
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