byi_786

The Big Picture - BTC Daily

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sometimes we get caught up too much into the smaller timeframes we tend forget to look at the bigger picture.
Tip: You should always before you start your trading day, start with the larger timeframes and work your way down to your desired trading timeframe.

(Note: Log scale)

The bigger picture on the daily chart looks fabulous. The symmetrical triangle looks the real deal, with one more hit to the bottom of the triangle and then big ride up!

Yes, the 5 Daily MA (Red) has crossed the 10 Daily MA (Yellow), but has done so several times since the A.T.H. and recovered, but it's seems to fit well to cross back to the positive side once it hits the bottom side of this triangle and heads back up to what I hope will be a new A.T.H.

I'm unable to add the RSI to the chart, but the RSI also has room for it to reach the bottom of the triangle, reset and then go for the big ride up!

Take a look at the horizontal support/resistance lines, as well as the Fibonacci levels for potential buy and sell levels.

There is a big but to all this...The monthly doesn't look quite as good. Chart coming soon!

As always, do not take this as trading advice, DYOR too.

Peace!
Trade active: As you can see the latest candle has reached the bottom of the triangle, this should not close more than 2 four hour candles below this line, otherwise, we're facing a scenario which many of us will not like to even think about.
Comment: Clearly, it's breached and confirmed below the triangle. It looks like it may come back up to retest the triangle as resistance and then I'd expect it to continue back down.

Target 1: 6533
Target 2: 6000
Target 3: 5810
Nice work!
+1 Reply
Nice chart!
+3 Reply
byi_786 Sara-66
@Sara-66, Thanks Sara!
+3 Reply
Close to the resolution!
+3 Reply
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