Please see previous posts on Wedge and fib channel for perspective. Yesterday, BTC broke above three very key levels of resistance. The 50MA, the upper boundary of the descending bear channel, and the prior bull trend line established by touch-points on 9/15, 2/6 and 3/18. Bulls should have entered by now although tight stops are in order. Intermediate target 11,800.
Critical day for BTC, heavy volume is encouraging, looking for close above wedge upper boundary and subsequent higher trading tomorrow for long entry confirmation, a more brazen trade will implore the same strategy off of the four hour chart. a more conservative entrant will wait for the retest of the upper wedge boundary after breakout.
Good Luck BTChes
Its ok to revise your pattern boundaries as the chart action provides new data. As you can see I was stopped on this trade in a bulltrap. I have marked my original upper wedge boundary and my revised boundary. I always chart based on best fit. I consider things like number and strength of touchpoints with the line among other things. In this case I choose to view...
Hey There,
Getting long off of 4 hr breakout of wedge and 50MA. Lock in long on confirmation by higher trading on current 4 hr candle. Tight stop below ma and wedge boundary.
Happy Trading!
Volume looks encouraging today. If close above wedge today, long entry will be available when tomorrows candle starts trading above todays high.
Happy Trading
