Last Friday Bitcoin had a 10% upwards movement holding the .786 Fibonacci level as support and breaking up from its falling wedge (also got within $20 of the 200 weekly moving average again). Following this move BTC seemed to be forming a bull flag for continuation, but this bull flag has extended now going on for 1 week, which is why i am not taking a flag pole target if we break up.
On my charts I have marked out the trend line I am trading Bitcoin from. On the largest scale we have a symmetrical triangle. Moving down I have pitchfork lines, a parallel channel and my EMAs. I have been scalping Bitcoin from the trend lines over the past few days and my trades has played out successfully. As Bitcoin edges closer and closer to the apex of the Pitchfork and mid parallel channel i expect a break. Currently I have no bias and will be trading the move either way. If Bitcoin is to get a candle close below the mid support trend line I will short down to my target of the .618 Fibonacci level, and will long a close above the resistance trend line with targets being horizontal resistances. Obviously if we move sideways out of this apex I will not be taking a trade, and will study the charts again to find a new setup; but for now this is what I will be trading.
Either position will give me extremely good risk to reward ratio trades.
You must rise above affiliation. Be neither a bull nor a bear, but only seek the truth. The truth is the chart; a chart cannot lie to you or give you a bias, only your psychology and emotions can do that. A topflight analyst is free of bullish and bearish biases and will trade only when a setup is there. Here I am letting either setup come to me, being a patient trader and entering upon a break. In the meantime there are alt coins with setups to trade right now, and the stock market volatility continues each day (something I thoroughly enjoy to trade).
On my charts I have marked out the trend line I am trading Bitcoin from. On the largest scale we have a symmetrical triangle. Moving down I have pitchfork lines, a parallel channel and my EMAs. I have been scalping Bitcoin from the trend lines over the past few days and my trades has played out successfully. As Bitcoin edges closer and closer to the apex of the Pitchfork and mid parallel channel i expect a break. Currently I have no bias and will be trading the move either way. If Bitcoin is to get a candle close below the mid support trend line I will short down to my target of the .618 Fibonacci level, and will long a close above the resistance trend line with targets being horizontal resistances. Obviously if we move sideways out of this apex I will not be taking a trade, and will study the charts again to find a new setup; but for now this is what I will be trading.
Either position will give me extremely good risk to reward ratio trades.
You must rise above affiliation. Be neither a bull nor a bear, but only seek the truth. The truth is the chart; a chart cannot lie to you or give you a bias, only your psychology and emotions can do that. A topflight analyst is free of bullish and bearish biases and will trade only when a setup is there. Here I am letting either setup come to me, being a patient trader and entering upon a break. In the meantime there are alt coins with setups to trade right now, and the stock market volatility continues each day (something I thoroughly enjoy to trade).