A breakout in both direction possible this weekend.
Allot of pressure on both sides, seller and buyer, is accumulating and with this Triangle pattern being formed, a breakout is inevitable. The only thing you must do is to find the perfect entry. Good luck.
There is absolutely no surprise with BTC movements now, so anytime can hit a year low, and than a 2 year high or any other crazy combination in the same year. But, if this is the year of BTC to recover the past years lost, than we might have 2 chances to buy it cheap as show in the picture.
The expression of ''Rally over'' is totally wrong, and that is because since it's beginning, BTC WAS ALWAYS ON RALLY, the only thing that was different, was the up strong impulses relative to aggressive corrections, relative to TIME. By that I mean, HOW HIGH for HOW LONG can it go before getting a correction of HOW LOW for HOW LONG??? So now we must answer two...
This is why I hate price action on BTC. When you think the market has established a trend, than everything goes upside down. We believe that the last movement on BTC was just a fair correction in the 20.000 USD target still to come....but...is it over??? Even doe I am still bullish, the volumes of sellers for the last candles where very strong, which means that...
Just a short correction on which I took advantage.
A triangle formed, with pressure accumulating from both Bears and Bulls. I wait to see where this will brake, my guess will be up side to a target over 14.000USD
So fortunately the triangle was broken to the upper side. I will TP at 20.000USD. Maybe by the end of the month. Than...over 50.000 By the end of the year. Sound crazy and optimistic :), but isn't what BTC always was doing for the last years???
Sorry for the mess, but unfortunately that is how the reality of Technical analysis looks on BTC. I need to make a very important remark before, and that is that there is no INDICATOR, or TECHNICAL STRATEGY, that involves trend analysis, candle stick patterns, chart or price action trading, that will repeat itself, IF MORE TRADER ARE NOT SEEING, OR TRADING THE...
Price was unable to break previous high, so with allot of selling pressure, the price might fall for a little while.
If this type of formation will prove wright every time, than probably we all be reach traders, but that is not the case. Still, what made me take this trade is that Gold had a strong Up movement and a possible correction should come. Also, the risk/reward ratio on this, is a positive reason to enter the trade.
According to my Fib Extension strategy, this might retrace for a small profit.
Nothing more than a trend analysis and RSI divergence gives some chances to a Buy profitable Trade
Not more than some technical analysis and a divergence in RSI indicator might make this a nice profitable trade
AS MANY OTHERS PAIRS THAT GOT IN TO SAME YEARLY HIGHS AND LOWS LEVELS, THIS PAIR IS ONE OF THE PROMICING LONG TERM TRADE. WITH A GOOD MM, THIS CAN MAKE THE YEAR PROFIT.
If you look in the monthly chart, than you will understand why i called this the trade of the year. Now the price is doing an RSI divergence on Daily chart after a 2500 pips fall, so BUY signals shod be searched for.
Already a 2500 pips down move, and a strong support area. Some buy signals should be looked for in this area.
There was a 5000 pips down movement, and now the price is hitting a strong support level. After this Daily bar closes, than a BUY entry should be searched for.