Hello all,
Here we have BTC 4hr chart, here and on other shorter time frames we have triangular pattern in the formation (RED).
Considering the recent price action, I believe it will break downwards (75% chance). I am waiting for the confirm break of 21 EMA (yellow) on 4hr which also will be the break of the bottom trend line of this triangle. The possible target for this break down would be anywhere near 10600 to 10650 range (this is where we have 200 SMA and 200 EMA).
'Shepherd' giving beautiful short signal on 4hr as well (white arrow)
As we already know nothing goes up or down in a straight line, for this pattern I can see 2 possible bounce zones based on previous price action. A quick long scalp here is not a bad idea.
**Conclusion**
SHORT: I will enter once I see confirm break of 21 EMA on 4 hr. Profit Targets: PT1:11337, PT2:11000, PT3:10600
LONG: 1) The long scalp from bounce zone 1 and 2. 2) Test of 55 EMA (Green) on 4hr.
DO NOT FORGET the stop loss and risk management.
Happy Trading. Chao...
(Like? and follow this chart for timely updates)
Here we have BTC 4hr chart, here and on other shorter time frames we have triangular pattern in the formation (RED).
Considering the recent price action, I believe it will break downwards (75% chance). I am waiting for the confirm break of 21 EMA (yellow) on 4hr which also will be the break of the bottom trend line of this triangle. The possible target for this break down would be anywhere near 10600 to 10650 range (this is where we have 200 SMA and 200 EMA).
'Shepherd' giving beautiful short signal on 4hr as well (white arrow)
As we already know nothing goes up or down in a straight line, for this pattern I can see 2 possible bounce zones based on previous price action. A quick long scalp here is not a bad idea.
**Conclusion**
SHORT: I will enter once I see confirm break of 21 EMA on 4 hr. Profit Targets: PT1:11337, PT2:11000, PT3:10600
LONG: 1) The long scalp from bounce zone 1 and 2. 2) Test of 55 EMA (Green) on 4hr.
DO NOT FORGET the stop loss and risk management.
Happy Trading. Chao...
(Like? and follow this chart for timely updates)
Comment:
Finally, It took quite long but the second PT is hit.
Now only last 40% position is open, rest all profits is in the pocket.
Now only last 40% position is open, rest all profits is in the pocket.
These were still 2 awesome trades, I shorted the break down and longed the bounce zone 1.. :)
Based on recent price actions I have updated the pattern however the target and bounce zones remains the same. I still leaning towards dump.
Chao..