My plan is to short bitcoin if we break down to the 8500-8700 range. If it acts as a support, I will be a buyer there.
If we break to the upside above 11.3k and I will go long with a target of 20k.
Right now we have been chopped up for the past 3 months and my advise is to only trade the trends and wait in cash during the trading ranges.
The current trading...
XBTUSD (short term trade)
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We have been in the process of forming this symmetrical triangle for almost 3 months now. Many call it a Bear Pennant but according to traditional pennant rules, it can't be longer than ~ 3 weeks. Though this is crypto, but it should be faster moving if you want to use that argument.
In either case, I have been tracking...
FX:GBPUSD On the GBP/USD pair, the price fluctuates in the bearish channel. This channel is part of a larger formation with longer intervals H4, D. This is a flag formation. Currently, the price is within the scope of support. On H4 created a pin bar ,that can change price level and a reflection from support.
BITMEX:XBTUSD I took the 161.80% level -$11,505 from the first Fib retracement which was from the beginning of the 20k bull run in Jun 2017 to the Top in Dec 2017
To find the bottom of COINBASE:BTCUSD In reverse I started the fib retracement at $11,505 funny enough the 61.80% aligned perfect on both directions, and the 161.80% Ends at $2252
Have I found the...
Still in our bearish tendency, and after this short impulse that gave us nice profit from 8300 to 9300, we could expect another retracement to test again the $6000-7000 floor, before seeing a new real bullish trend.