TroyByrne
Long

BTC Update Easter Saturday in Oz - Happy Easter to my Followers.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Happy Easter all and Sundry,

Hope you guys are enjoying your holidays and elf medicating with copious amounts of Easter Eggs.
BTC             has been ranging again, it is a bit early to call yet but we may be moving into a inv H&S , we wil need to watch to see how it develops. Im am spending most of my day with the family, so won't be around to often to update but as usual guys, wait for confirmation of a breakout, set your stop loss underneath the neckline, because many will short the breakout and without volume , it will fail and possibly dropping, depending on how many stop losses are set under the neckline, there could be a fair bit of liquidity. Target for this breakout is $7800 but I highly doubt it will get even close to this target, Set a profit taking stop at around $7500 and then let it run and trail a stop loss behind it from there. look at your trade size and risk management to determine if this is worth a trade, trading against a trend is risky and these patterns are not highest probability setups.

Good luck and happy trading

G'day

Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.

Trader, Chart analyst and all round larrikin. Reside in NQ             Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Comment:
Comment: Starting to come together nicely. volume key as we reach the neckline.
Comment: Time is getting close, remember watch for volume, watch for traders shorting breakout, it can go either way and they can push it back down and drop it or they can become trapped and become liquidity, same with those longing the breakout, there stop losses can cause a domino effect and we could see a dramatic drop.
Comment: A couple of things to add here. !) we are in a ascending triangle formation also which is bullish and 2) we just completed a vertical drop on the daily of 4 candles, generally a vertical droop of 4 candles will retrace 50-100% with a less than approx 15% chance of continuation without retrace. Take a look back and see yourself.
Comment: To be exact it was the 12hr chart.
Comment: Yes im pushing the rules when it comes to an ascending formation as it's top is slightly tilted down, instead of being dead horizontal.
Comment: 200ema is sitting ight on our breakout target. going to be tough.
Comment:
Comment: weak break, still above the neckline but meandering, trade still open for now, just watch, bull flag being painted but in a bear market they are not a confident sign of upwards movement.
Order cancelled: Volume came in but was not even close enough make significant moves, we made it to close to 7200 before buying pressure subsided, no fomo engaged, bulls still weary. Will look at how we are traveling but wouldn't be surprised if we moved down to below 6k. Happy Easter, hope you find yourself in a chocolate coma.
Hi ! target price 7800$? Happy Easter !
Reply
Hi, Happy Easter too
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