stevetambo32

stevetambo32

I can see the formation of a bullish penant for BTC right now . Following the instructions on the chart should be easy enough for a good setup. Wait for breakout and retracement to confirm entry with stop loss below the preceding low. Take profit should be height of penant or you can use 1.618 fib extension.

stevetambo32

BTC price has found support at the demand zone between 63K and 59K . A Bull flag pattern has formed confirmed by the break out of the descending channel to 68K and retracement to demand zone. On 8hr chart you can see clear bullish candlestick pattern at point of contact . Good for a long position here with TP at 1.618 Fib of fib extension and SL below 60800.

stevetambo32

Opportunity to short BTC here. Ideal entry was 62K. TP around 0.382 fib level at 53K .

stevetambo32

BTC was expected to correct from the 53K region instead made a huge breakout to 57K. Whales manipulating the market or heading for 60K? Looking at chart structure looks like bullish rectangle continuation pattern setup. Will wait for a retrace to 0.382 fib and take a long position from 53K . TP ? 58K.

stevetambo32

Another bearish pattern appears to add confidence and trigger another entry opportunity : descending triangle. I would wait to see a strong move below 50600 and make my entry when the price retraces. Stop Loss : above the new lower high at 52.3K

stevetambo32 Updated 

BTC formation of ascending broadening wedge pattern on 1 hr chart complete. Price broke out of lower trend line and retraced to 52k (ideal entry). Position setup for short : entry at 51.4K . Stop loss : 54000 USD Take Profit : 45500 (ideal)