__________________________________________________________________________________________________________________________________________________________________ Hello traders investors and community. The prince is here for a royal analysis on bitcoin. There are some good signs revealing in the charts which I show you. We are looking at the 4-hour chart. Let's go! __________________________________________________________________________________________________________________________________________________________________ As you can see in my chart, bitcoin is trading in a narrowing descending wedge pattern which will break-out the next time. You can see it in my chart marked with the blue trend-lines. These patterns are known as almost timely break to the upside with a heavy price reversal of 90 %.
__________________________________________________________________________________________________________________________________________________________________ For now, after break-out bitcoin will reach the target zone seen in my chart 9895 - 9900. As on my turn, I have opened a long position in 8400 with SL at 8340 at as the last point confirmed the lower line of the wedge. __________________________________________________________________________________________________________________________________________________________________ After reaching the 9895 - 9900 we will have a pull-back from which we should recover when bitcoin does not give us bad bearish signs.
As traders, you always have to be patient and rational. The key element for a good trader.
Hopefully, you enjoyed this analysis and its profitable for you. Feel free to support for more royal market analysis. All the best ;) Information provided is only educational and should not be used to take action in markets. __________________________________________________________________________________________________________________________________________________________________
Trade active
⋅
Comment
⋅
Information provided is only educational and should not be used to take action in markets.
Ive been beginning to notice theese triangles having a false break in the opposite direction lately. Then to recover and go up, Not to the initial target, but almost.
Lets see.. Contrarian now, is that buying?