We see a DOUBLE TOP forming in Bitcoin at the 4200 level on the 1 hour chart.
That is a bearish pattern, but in the larger uptrend
MY FORECAST:
We could see a pullback to the 4000 breakout level, which should now serve as support. A good place to buy in and take advantage of the next leg up to 5000
TRADE IDEA:
Long - Wait to buy until pullback to 4000 level (3900 - 4100 support range).
Stop - 3850 (swing lows from August 13)
WATCH OUT.
If BTC breaks 4000 and goes through the 3850 stop, we should see a pullback to the next support level of 3500.
That is a bearish pattern, but in the larger uptrend
MY FORECAST:
We could see a pullback to the 4000 breakout level, which should now serve as support. A good place to buy in and take advantage of the next leg up to 5000
TRADE IDEA:
Long - Wait to buy until pullback to 4000 level (3900 - 4100 support range).
Stop - 3850 (swing lows from August 13)
WATCH OUT.
If BTC breaks 4000 and goes through the 3850 stop, we should see a pullback to the next support level of 3500.
Order cancelled:
Double Top invalidated. 4200 is now a new level of support.
What a rally folks!
What a rally folks!
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Sign up for TastyWorks - The Broker of the Future:
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Twitter:
@BerlinTrader591