BLUF: After a daily close above 7.5; Entry 7.308, TP 9.9, SL 6.08.
I'm still new to technical analysis and I'm trying to exercise everything I'm learning, if I am miss label information please let me know! So please don't make a trade exclusively off what the information I am displaying here.
Bullish Indicators:
1. RSI trend line broken
2. MACD line cross
3. Support trend line unbroken
4. Ascending Triangle formed
5. Cup and Handle formed
Other Factors:
A. Increased volume without major price change
B. Anticipating a close above the current range (7.5)
C. Anticipating Fibonacci line at 7.3 to switch from resistance to support
C. If close above 7.5, 7.3 is buy target
D. Anticipated next price range if 9 acts as a strong resistance (temporarily)
E. Fibonacci line at 9.9 is the take profit target
F. A break below 6.08 could cause the momentum to flip
F. Stop loss at initial buy in should be 6.08 to handle any surprise BTC movements
F. A safer/tighter stop loss would be at 6.8, just under the current range and outside of the supporting trend line
Bearish Indicator:
G. Price movement resembles the final stage of an impulse wave
I'm still new to technical analysis and I'm trying to exercise everything I'm learning, if I am miss label information please let me know! So please don't make a trade exclusively off what the information I am displaying here.
Bullish Indicators:
1. RSI trend line broken
2. MACD line cross
3. Support trend line unbroken
4. Ascending Triangle formed
5. Cup and Handle formed
Other Factors:
A. Increased volume without major price change
B. Anticipating a close above the current range (7.5)
C. Anticipating Fibonacci line at 7.3 to switch from resistance to support
C. If close above 7.5, 7.3 is buy target
D. Anticipated next price range if 9 acts as a strong resistance (temporarily)
E. Fibonacci line at 9.9 is the take profit target
F. A break below 6.08 could cause the momentum to flip
F. Stop loss at initial buy in should be 6.08 to handle any surprise BTC movements
F. A safer/tighter stop loss would be at 6.8, just under the current range and outside of the supporting trend line
Bearish Indicator:
G. Price movement resembles the final stage of an impulse wave
Milestones I'm looking for (Close Above): 6.08, 7.4, & 8.14