BTC has broken the resistance of the downtrend channel (downtrend secondary trend). Thus, the price broke the trend line of phase 3 of the bearish measured move. The first time this failed, there was a false breakdown (green zone). Now the price has not just broken through, but is being traded for about 2 weeks above it.
A cup shape was also formed with a mining potential of about + 38%. This is provided that the price breaks the zone in the region of $ 9300 (yellow level). If this fails the first time, then the price will most likely fall to re-test the channel downtrend line, which will act as a support. Most likely, support will be confirmed. This confirms the new trend. The first goal is to move the price to the zone of $ 9300 (+ 25%) And then it will be clear how the price will react to this resistance.
ENTRANCE + TARGET 1) on a breakthrough or rollback after a break above the zone of $ 9300 when the price breaks the resistance of the cup. Potential around + 38% 2) on confirmation of support when re-testing the downtrend line (red line). Potential + 25% and possibly higher, depending on the reaction level.
Stop loss Under key support levels during your entry into the market.
Please note that on May 20 halving, closer to this date there will be a lot of FUD news for the manipulation of consciousness and the action of "stupid money".
Trade closed: target reached
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The figure and goals of the figure were confirmed. Objectives - The distance from the scalp to the height of the right Ear. Superimposed from the breakout area of the scalp support level.
@SpartaBTC, It's hard because crypto market is unpredictable and it's easy to second guess yourself - but I'm taking this slow and steady on higher timeframes only - and waiting safe entries
@shimmeringpath, The figure was confirmed. TARGET too. Therefore, you always need to have a fallback in trading. Even when it seems unlikely.
shimmeringpath
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@SpartaBTC, You were right about lots of FUD coming into the space before the Halvening too ! Everyone is stressed out and some are capitulating , I'm trying to have a long view and take it slowly .
@shimmeringpath, Immediately after the publication of this trading idea, on January 20, at the request of subscribers in the telegram channel, I made an unlikely scenario when the price breaks the level of the previous channel. Unfortunately this happened.