Hello everyone, I am a trader 100% in cryptos since mid 2017 and have been watching this market since early 2017. With that out of the way, I will let my analysis speak for itself.
What I see:
1) Fractals that resemble the previous pattern before the huge spike up.
2) A clearly overbought market.
3) Bullish momentum slowing.
With that said, it is very possible we have a repeat of the last breakout.
How I might trade this:
1) Wait for the obvious pullback that is about to occur.
2) Wait for the appropriate wick candle to appear.
Now here is where it gets tricky. The choices we have are:
1) Place a buy in the body of the previous wick with a stop loss just at the bottom of the wick
2) Zoom into the 30 minute or 1H charts and attempt to place a buy just as the market clears the previous candle with a stop halfway below it.
Personally, I will be taking option #1, less work, but slightly more risky.
Finally, this is not financial advice in anyway shape or form. In other words, when entering a trade, you assume all risk and at the same time all the reward. Remember to do your own research first!
Good luck out there!
-May BTC, reach Mars before Elon Musk!
What I see:
1) Fractals that resemble the previous pattern before the huge spike up.
2) A clearly overbought market.
3) Bullish momentum slowing.
With that said, it is very possible we have a repeat of the last breakout.
How I might trade this:
1) Wait for the obvious pullback that is about to occur.
2) Wait for the appropriate wick candle to appear.
Now here is where it gets tricky. The choices we have are:
1) Place a buy in the body of the previous wick with a stop loss just at the bottom of the wick
2) Zoom into the 30 minute or 1H charts and attempt to place a buy just as the market clears the previous candle with a stop halfway below it.
Personally, I will be taking option #1, less work, but slightly more risky.
Finally, this is not financial advice in anyway shape or form. In other words, when entering a trade, you assume all risk and at the same time all the reward. Remember to do your own research first!
Good luck out there!
-May BTC, reach Mars before Elon Musk!
Comment:
Not sure how to appropriately link images. Here is another try:
BTC Shakeout before Breakout to 9k
BTC Shakeout before Breakout to 9k
Comment:
And yet another try.
Order cancelled:
BTC broke out of the previous pattern, invalid trade set up.
!(imgur.com/P7l5uQy)
Same Idea, follow this chart instead.