Ethereum and Bitcoin - Warning Wait for confirmation - see why!
Hello traders,
An important warning.
Bearish rising wedges can be seen in the chart of Ethereum and Bitcoin and the danger still exists for a test to the bottom of the triangle or even a breakout downwards. Yes we see an inverted HS formation but which one is it gona be? The bearish rising wedge or the Inverted HS formation.
Soon we will know that as we approach the end of the triange.
Therefore, In this case, I would not buy until with a breakout above 3000 and this should happen with volume. A re-test is actually the best time.
Buying now is rather gambling. It can go right and it can go wrong. Trading for me is doing what I see in the charts. Now I see a conflict that needs to be resolved first.
For traders who want to ignore the risk in this tricky market with heavy manipulation. You can also buy the breakout from the triangle if it has very good volume. Without volume it will be a possible bulltrap. Bulltraps I have seen a lot so just be warned. In tat case place a strategic stop so that you are proteced! You don't want to sit in a position which is going to skydive without a stop!
By the way, I have absolutely no bias. I am not a bull nor a bear. Just listen to the charts traders and do your own analysis always. Do research and do no follow anyone blindly. Just my point of view.
Good luck and trade safely!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me to continue💚!
An important warning.
Bearish rising wedges can be seen in the chart of Ethereum and Bitcoin and the danger still exists for a test to the bottom of the triangle or even a breakout downwards. Yes we see an inverted HS formation but which one is it gona be? The bearish rising wedge or the Inverted HS formation.
Soon we will know that as we approach the end of the triange.
Therefore, In this case, I would not buy until with a breakout above 3000 and this should happen with volume. A re-test is actually the best time.
Buying now is rather gambling. It can go right and it can go wrong. Trading for me is doing what I see in the charts. Now I see a conflict that needs to be resolved first.
For traders who want to ignore the risk in this tricky market with heavy manipulation. You can also buy the breakout from the triangle if it has very good volume. Without volume it will be a possible bulltrap. Bulltraps I have seen a lot so just be warned. In tat case place a strategic stop so that you are proteced! You don't want to sit in a position which is going to skydive without a stop!
By the way, I have absolutely no bias. I am not a bull nor a bear. Just listen to the charts traders and do your own analysis always. Do research and do no follow anyone blindly. Just my point of view.
Good luck and trade safely!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me to continue💚!
Comment:
Dear traders, please follow on the next post!
There are complete trading techniques to trade failing patterns and can even be more profitable than the classic direction of the pattern.
So currently a bearish rising wedge in the right shoulder of the inverted HS formation. If price does not break out to the upside, sooner or later the bearish rising wedge will be broken and it will go to the bottom of the still very short rising triangle. If price breaks out of this triangle we will reach the final swinglow and the bullish picture will seem to be over for a while. It does not have to be this way but it is possible. With the head shoulder formation however, always price. a upward breakout is long and break down is short or simple no longs.
This is what makes technical analysis so interesting, the pieces of the puzzle often fit together perfectly. Also so many traders so many different opinions.