Hello world, I hope all are doing very well today. We want to look over bitcoins latest price action.
We are now beginning to squeeze and find a consolidation range for bitcoins price in the high 8ks to the highs of 10k.
This is a perfect setup for the long term move we have been searching for. This pennant represents price consolidation with price setting higher lows and lower highs as we squeeze for an average price. If we can funnel and continue to squeeze we can play the bounces in between the highs and lows for profits to scalp as we prepare for the big breakout.
Currently we sit around 9.5k on the upper downward Resistance of the pennant. We are currently looking for a play on the 6hr timeframe show e won't get a close for about another 5 hours from now. We are going to get aggressive here for a short at 9.528k and stop at 9.676k risking roughly around 1.5% if we go back towards Resistance.
My candles are Squeezing red at the Resistance zone and if we close red in the next 5 hours we will have all red align on the Crossover strategy and the ema dots indicators below.
If this short can play out we could head towards 9k - 9.2k to test the pennants support. Would'nt be a bad little pay day for the scalp.
The major pennant support and Resistance levels we can then look for breakout to the top or to the bottom for the next major direction of the cryptocurrency market as we continue to battle the 10k.
Keep the stop tight and cut loss when needed too! Never marry a bad trade. Manage the risk and rise the gainers.
We will continue to stay updated on this post. 😁
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this is what I would like to see... drop to support and curve back up for a long entry to breakout the top of the pennant. I want the bull season more than anything but we must walk with it
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my main concern is this overall channel. I say we are setting for a big move because clearly you see we are playing the edge of the channel. We manage risk and play this edge in anticipation of a breakout or a massive sell off. This could be a crown triple top formation in play as we fight the 10k break
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Bulls striking back as the month comes to a closing point. We could get stopped out for a 1.5% loss. Still sitting
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Still chilling. Let's begin the week ✌😁✌
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zoomed in 1 hour TF. I'm actually going to risk a little bit more and move my stop a little bit higher 9.7k set and done. If we can get the sell at Resistance like I said above we should be able to drop to 9k
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A breakout above you really going to want to consider firing long, then next would be the 10k edge play. Staying very active with this as we hunt the long term trends. Best of luck to you all!😁
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got stopped out 9.7k for first trade but re entered another short 9695
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Playing very aggressive here anticipation of breakout or rejection.
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9.7k is our edge
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Our original trade was a stop out loss for 1.8% you can't win 100% but you can manage risk. That's what keeps you in the game for the long term. Admit when lose and go back in. ♥️♥️♥️
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And one more thing, never put all of your eggs in one basket 🤗 spread out your capital
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B.O.
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Keep flipping on that 9.7k play that edge till we catch the big move
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1.8% recovered and payday! 9.7 was the magic number!!! 🤗🤗🤗💲💲💲
@MajorLeagueTrader, It looks like a rejection to me.
WallStreetWealthy
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I think too many people see this coming and you know what they say when everyone sees it coming it will not happen. I think this is a spin on what will happen..if true I will become a legend as only I have predicted this so far lol