If the triangle breaks, T1 = ~32,600
Holding 33% profits to T2.
Weekly RSI at record highs, yet to see a proper correction in BTC since 20k. Could very likely pullback to T2.
Not trading advice, just the ideas of a contrarian trader. BINANCE:BTCUSDT BINANCE:BTCUSDT
Just forecasting, not advice.. looks like we are consolidating in a running flat here.. pink trendlines show a rising wedge about to breakdown, with 4h divergence supporting this. Once that breakdown starts, it will potentially signal the C-leg of the running flat.. will break the floor at 93, then reverse and break to new highs.
An exercise in forecasting, for later reference and improvement. The following is based on a few observations.
Assumptions and biases outlined:
1) Impulse wave will continue past the floor of the previous corrective structure, at 64.20.
2) A corrective structure will form, rising upwards with the final leg of the structure dipping into the previous corrective...
I believe we have at least 1 more day of upside on USDCAD. I'm getting ready to initiate a short position on the daily time frame, but for now I am watching the corrective structure unfold. There is no way to know for sure how the structure will unfold, but I believe it will be something like this.
Not trade advice, simply intraday forecasting for theoretical purposes.
Not trade advice, just an idea.
Excellent sell entry here. Exact entry will be difficult to time perfectly, but anywhere here around the trendline provides a great risk to reward play. Stops just above wave 2. USDCAD is still headed down to complete the corrective structure. Will cover at the bottom of the corrective structure. RSI is oversold on 1h and 4h.
UC is in the last leg of its ABC correction. Then it will run up to break through prior high of 5, and begin its next 5-3 wave cycle. This will be a great time to enter, so watch! You can play the short term sell, but the real money will be in the buy set up at (C)!!