BITCOIN
Logic:
BTC has been in this range for 5 days but that won't last much longer. The range is tightening up and the breakout in either direction will have a lot of energy. We're currently above the daily 21 EMA , which in my strategy means that I will mostly stay with the trend and take long positions. This range is very choppy. It started with a significant fake breakout which trapped a lot of longs who bought the breakout and then went on a stop loss hunt as low as 11575. As the range went on BTC continued to make higher lows and almost equal highs, resulting in a ascending triangle . This pattern breaks upwards 63% of the time and the volumes trends downwards 80% of the time. For a pattern to be identified as an ascending wedge price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Still it's possible that we breakout downwards, so be prepared for both scenario's.
Orders Long:
Entry: 11715
Exit: 11355
Profit: 75% @ 12950; 25% @ 13875
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Follow me on twitter for more: n0s41nt
Logic:
BTC has been in this range for 5 days but that won't last much longer. The range is tightening up and the breakout in either direction will have a lot of energy. We're currently above the daily 21 EMA , which in my strategy means that I will mostly stay with the trend and take long positions. This range is very choppy. It started with a significant fake breakout which trapped a lot of longs who bought the breakout and then went on a stop loss hunt as low as 11575. As the range went on BTC continued to make higher lows and almost equal highs, resulting in a ascending triangle . This pattern breaks upwards 63% of the time and the volumes trends downwards 80% of the time. For a pattern to be identified as an ascending wedge price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Still it's possible that we breakout downwards, so be prepared for both scenario's.
Orders Long:
Entry: 11715
Exit: 11355
Profit: 75% @ 12950; 25% @ 13875
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Follow me on twitter for more: n0s41nt