Short set up on the continuation of this bearish diagonal wedge pattern.
I've notated what a reversal to the upside would look like, in which case, my stop loss will be hit.
See my previous 3 posts about the 1 Hour Long entry I took.
This chart is an update, based on the Daily timeframe profit targets. The #cryptocurrency could easily reach $13,000 in the next week or so, as strong buying momentum has continued outside of the descending wedge (pullback).
I am also long #Gold, #SPY (US500 #Forex), & Oil (usdwti)
Quick update on my previous Bitcoin entry LONG.
Things to consider:
1. Diagonal trend breaks (Descending wedge patterns) are generally the most predictable & strongest breakout patterns. Not that I'm a "pattern" trader, its just that charts with lots of liquidity have generally predictable behavior.
2. The 1st projected target was hit & there hasn't been a...
The 1st profit target for my previous post has been hit. This is a great place to take partial profits, if you entered that trade with me.
If BTC is to continue higher to the next targets (noted in purple), price will need to hold above the GREEN line I've marked.
This is a diagonal channel breakout, however, it does NOT guarantee a continuation back to the...
Similar picture as the BTCUSD chart I posted earlier, except on the Weekly timeframe. A long entry here is an even greater probability for a large move to the upside over the next month. A strong close outside of this downward channel by the end of the week will be a bullish signal.
My analysis of SPY weakness. I've marked short-term support & resistance, as the SPY, DOW, & other US indicies are retesting the latest crash. I would not be calling this a bear market yet, although I did enter a SHORT position on Friday.
In the most recent crashes we've had, we've always managed to double bottom on the retest of a crash & then move on to make...
Chill on BTC for now, unless you're just trying to scalp the next week or 2. BTCUSD is entering a major resistance zone. From a long-term perspective, I'd be awaiting at least a 50% retracement & even safer, a retest of the most recent low, before adding to a buy position.
The pair is retesting a previous channel resistance. The MACD is showing bearish divergence, signaling the pair is ready to reverse, with intentions to retest the low.
Profit target #1 would be the most recent low. #2 would be the next recent low. If price is to fall all the way back to the 2020 lows, the move should take a few months. Estimated exit date: July
Anytime, at this point, would be good to buy gold; as it's on a run. Expected target, 1900-2100 by next year.
Gold is still performing amid the global shut down.
