btc is forming an potential ascending triangle on 4h
BTC is very bullish at the moment but an retrace has to happen at some point.
targets break up 37k-38k.
as i am long now i will take 50% profit in this range, if i feel we might drop from here i will short with an stop close above 38k.
if short here that will only be an scalp trade!
i like to plan for long or...
Daily forming an small symmetrical triangle.
Target long 12000
Target short 10800
Ascending support @ 11340-11360
Descending resistance @ 11450-11470
At this point in my opinion there is an bigger chance that this breaks up . We came bullish into this symmetrical triangle, usually the way it comes in it goes out.
On the daily chart btc looks to be in big trouble!
There is an big descending triangle forming with an support at 9850.
For now after the double bottom at 9850 btc has an ascending support. If this line breaks target is the double bottom at 9850.
If btc breaks the descending line target is 13400!
If btc breaks below 9850 target is 7200-7300 if that happens...
Btc dropped back into the symmetrical triangle, most of the times if an pattern plays out and gets back into the old pattern, it breaks to the other side.
So for now we might see an bearish head and shoulders, if breaks below the neckline btc can form a nice Bart down towards 10150.
For now the ascending support is been tested if this hold btc still can go up...
Btc is forming an symmetrical triangle / bullflag on the 4h timeframe.
The green lines are the targets for symmetrical triangle and the orange lines for the bullflag
Targets long 10950 - 11350
Targets short 10350 - 10060
If it breaks up btc also needs to break the 4h 200 MA even if line gets broken it might be an fake out so probably wait for an break of the...
Is btc preparing for an big move to the down side?
In the short term I am bearish on btc as there is an bearish divergence on the monthly candles!
Also we are in an big resistance zone as we have closed below the weekly double bottom.
For me this is an potential move we can see in the next 2 weeks.
An Bart down towards 9850 to form the head and then bounce...
Perhaps we will see an weekly consolidation between the green line(support) and red line (resistance)
If weekly closes below the red line there is an big chance that btc will go back to the green line.
If an weekly candle closes below 10080 (0.618fib) on my chart, it might be best to ignore the green line as I expect for a bigger drop.
If weekly closes above...
Bearish head and shoulders
We had an breakout/ fake out yesterday
Now we are back in the symmetrical triangle and forming an bearish head and shoulders on the 1 h time frame, I expect an dump to 10600!
If we find support and consolidate on 10600 we might can flip back to be more bullish.
Also watch out as there an bearish divergence on the monthly candles....
We might be in an symmetrical triangle or is not the prettiest but we might in one, I swapped to an small long as I think we will hit the top descending resistance line once more,
Also going long at this moment before we see an sudden weekend pump,
Also it looks like btc closes above the 21EMA again still soon to tell though,
Targets long 11400
Chart is zoomed in zo this really doesn’t have to happen, but how it looks right now we have an bearish head and shoulders with an neckline at 10850
Fir me bearish target is 9000 after that holds we might go test for an break above 12000
But after the 2k dump I am leaning a bid bearish even after this 1k+ move up
Many people think the CME gap will bounce btc to new highs!
In my perspective this looks to be one huge fomo/bull trap.
If the gap isn’t filled fast after it is made don’t thrust the gap
Look at my arrows latest gap for shorts wasn’t filled fast after it was made and look what happened who ever shorted there and expected an hard drop got REKT!
Of course this...