Bitcoin is seeking a retest of the 2017 trendline (purple top line) through an rising wedge (bearish).
Therefore, I will short on the retest of this line or even more, which I think is more likely, in breaking the bottom line of the wedge, in red. The targets of the shorts are the purple and yellow lines just below.
We can exceptionally try to retest from the bearish trend line (next green line above). In this case, we will be attentive to the possibility of the 2017 trendline to hold.
Stops short as soon as it invalidates the trendlines.
Let's follow.
Therefore, I will short on the retest of this line or even more, which I think is more likely, in breaking the bottom line of the wedge, in red. The targets of the shorts are the purple and yellow lines just below.
We can exceptionally try to retest from the bearish trend line (next green line above). In this case, we will be attentive to the possibility of the 2017 trendline to hold.
Stops short as soon as it invalidates the trendlines.
Let's follow.
Trade active:
Perfect, entry at 6623. It is probable that we now have a flag that will launch the price on our first target, around 5900~6000, where we will realize to then reposition looking at the next target, going from this level to the 4800.
I do not believe in this Inverted Head&Shoulder that would be sketching, in any case, the stop is just above the entry price, breaking the bottom line of the upward wedge.
I do not believe in this Inverted Head&Shoulder that would be sketching, in any case, the stop is just above the entry price, breaking the bottom line of the upward wedge.
Trade closed: target reached:
Perfect. Market triggered the stacked stops at 6100 almost reaching the last in 6050. The latter, I manually closed in 6089.
As we said at the beginning, we are now waiting for a new setup targeting our next two targets down at 5600 and 4800, or the trendline test at 7300.
Give your like and help spreading the word!
See you in the next trade!
As we said at the beginning, we are now waiting for a new setup targeting our next two targets down at 5600 and 4800, or the trendline test at 7300.
Give your like and help spreading the word!
See you in the next trade!
The RSI in 4H is reaching the zone of the last reversions, although in the diary still there is plenty of space to fall. Considering that we are in a falling wedge, we should have a brief correction.