Whats up guys,
Bitcoin has been following some triangular shapes for the past month as demonstrated on the chart.
We're looking at yet another UUUGE symmetrical triangle. Rational thinking leads us to expect a breakout above the upper purple line of this current triangle and a continuation of the Bull Trend.
BUT
We have been fooled before, and we know that the market is setting traps all over the place, so we are waiting for confirmations before we make OUR moves.
Look for at LEAST a 15min bar close above the purple line, and if you're really risk averse, possibly a bounce off of the purple line to confirm the money WANTS to stay above that current triangle .
The Cyan Line (What I am tracking as the current Bull Channel could act as a resistance. Hopefully we smash right through it.
LEGEND
Cyan - Speculative Bull Channel LIne
Red - Speculative (old) bear channel line
Purple - Signal Lines
Good Luck and See you on the trading floors. As always, intelligent disagreement and banter are welcomed.
Give me 10 likes and I will update this chart. And. with each ten likes i will continue to update.
Thanks!
-NIX
www.bitmex.com/register/2Zkkvg
Bitcoin has been following some triangular shapes for the past month as demonstrated on the chart.
We're looking at yet another UUUGE symmetrical triangle. Rational thinking leads us to expect a breakout above the upper purple line of this current triangle and a continuation of the Bull Trend.
BUT
We have been fooled before, and we know that the market is setting traps all over the place, so we are waiting for confirmations before we make OUR moves.
Look for at LEAST a 15min bar close above the purple line, and if you're really risk averse, possibly a bounce off of the purple line to confirm the money WANTS to stay above that current triangle .
The Cyan Line (What I am tracking as the current Bull Channel could act as a resistance. Hopefully we smash right through it.
LEGEND
Cyan - Speculative Bull Channel LIne
Red - Speculative (old) bear channel line
Purple - Signal Lines
Good Luck and See you on the trading floors. As always, intelligent disagreement and banter are welcomed.
Give me 10 likes and I will update this chart. And. with each ten likes i will continue to update.
Thanks!
-NIX
www.bitmex.com/register/2Zkkvg
Comment:
Well it was a bit of a dump = Recovering and stabilizing -
We've entered into a Rising Wedge Pattern - not a ton of data on the chart to support this pattern and I AM NOT in a BTC trade at the moment - it is just TOO crazy right now.
My gut tells me we're in for another dump - and since my gut is based on TA, the whales know this too....since i dont have a patent on charting...We'll see what goes down - but something big should be coming up here this morning / afternoon EST.
My recommendation - stay on the sidelines - lets see what the market does - A quick dump could just as likely be a dump as a bear trap - WEVE seen it before.
There is a huge amount of FUD and FOMO in the market right now and that is like Crill to a Whale -
-Nix
We've entered into a Rising Wedge Pattern - not a ton of data on the chart to support this pattern and I AM NOT in a BTC trade at the moment - it is just TOO crazy right now.
My gut tells me we're in for another dump - and since my gut is based on TA, the whales know this too....since i dont have a patent on charting...We'll see what goes down - but something big should be coming up here this morning / afternoon EST.
My recommendation - stay on the sidelines - lets see what the market does - A quick dump could just as likely be a dump as a bear trap - WEVE seen it before.
There is a huge amount of FUD and FOMO in the market right now and that is like Crill to a Whale -
-Nix
Trade active:
BTCUSD Short 10x
Target 9450-9600
SL 9900
TP Varies (see above)
Target 9450-9600
SL 9900
TP Varies (see above)
Trade closed: target reached:
BTCUSD Short 10x
Target 9450-9600
SL 9900
TP Varies (see above)
Target 9450-9600
SL 9900
TP Varies (see above)
Trade active:
BTCUSD Long 10x
Target 9800
SL 9450
Target 9800
SL 9450
Trade closed: target reached
Dump or setting of a Bear Trap.
Seen it before several times in recent history - ive fallen for at least one of them myself.
This is EXACTLY why we use TA but wait for CONFIRMATIONS before taking positions.