yarr
Long

Bitcoin - Apex of the Falling Wedge. A bullish reversal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The Price is moving closer to Apex of The Falling Wedge Pattern. What tends to happen is that volume diminishes closer to the peak. Volume is an essential part to confirm breakout from The Falling Wedge Pattern. Without an expansion of volume , the breakout will lack reliance             and be more vulnerable to fail. Stochastic RSI indicator is showing oversold position which is supporting buy momentum. It is critical to pay attention to volume at the moment.
Moving Averages are supporting upward movement in the longer term.

Trading Information:
Buy: above 9,800
Partial Profit Targets: 10,500 / 10,800
Main Profit Targets: 11,300 / 11,800
Rest should be left for the longer run.

Stop-loss: 8,900

If you need any help with trading, recommendations or where to search basics just feel free to leave me DM             in here or in my twitter. I try to respond ASAP! :)
Happy trading!


Things to Remember:
  • Stop-loss orders are strongly recommended.
  • Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
  • Do your homework before investing.

DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.

Yarr
Trade active: Price broke upwards.
Comment: if you are wondering why fibonacci retracement levels were involved in this chart? If you have been following my twitter feed you might have noticed my posts about Wave 2 retracement levels.

Here's updated chart:
Thanks so much. Nice ;)
+2 Reply
yarr thanhcanhcntt
@thanhcanhcntt, captain and his pirate crew bows
Reply
Was nice to see your chart confirming what I was seeing in my noob TA. My downtrend line breached at $9700, but the breakout wasn't there until the horizontal resistance @ $9800 broke. And Wow, did it break up! "What tends to happen is that volume diminishes closer to the peak." that I did not know, but explains the action the past few days.
Reply
yarr mayneminu
@mayneminu, hehe good to know you learned something new today! If there's something on your mind, feel free to ask and I'll see if I can help you with it^^
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