Bitcoin price has pulled back after hitting new highs to the tune of high 19,000. I believe the pullback is related to the rise of alt coins, but that methodology is flawed since all coins seem to be hitting all time highs. Money really wants into the space, but they will need to go through bitcoin to get it. This consolidation level is also supported by lower time frame fib retracement levels.
Therefor, you could expect BTC to rise with all other Alt coins. You can also expect BTC to rise when Alt coins are falling. Seems like a win-win all around. I typically HODL all my BTC entries, but I'll be treating this as a strict TRADE ONLY.
The triangle formation is strong. I'll be plotting a conservative entry one of two ways -
1. If price breaks above the triangle, I will NOT be buying into momentum. Instead I'll be waiting for a pullback that confirms old support is now resistance.
2. If price moves lower, I will consider entry with evidence of rejection at the bottom of the triangle, roughly 18,300.
Stop is defined below the bottom of the wedge at 17.980.
T1 - 19,850 T2 - 20,800
Entry and exit will be posted. I'm comfortable risking 2% of account balance. Good Luck!
Like/Comment/Follow TElphee! – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember we are only discussing opinions. I’m very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View
Disclaimer: Bitfinex data shown. This information is my own opinion and should not be considered investment advice. Please consult a professional before investing.
im confused about your second chart. is it the 4h cause mine looks different. im guessing its a different scale? sorry im fresh with this particular chart tool. very nice idea. im thinking the same and your levels are more modest then everyone elses which is a nice change. im tired of hearing "off to the moon" or seeing huge correction predictions that fall way below what the market cap would allow. do people even relize how much money has flowed in since october? some are saying set a stop at 9k. im like "WTF there is too much money for it to drop like that! but i digress. nice job.
UnknownUnicorn981629
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@KairiChan, which tool are you fresh with? There’s the Fibonacci retracement on the 4 hour on the left. And justa’ plain triangle shape drawing tool on the 30 minute.
Do you mean the RSI indicator at the bottom of the 4 hour?
KairiChan
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@TElphee, Im just getting used to the actual tradingview tool in general so was not sure what was going on with that chart cause it looked different to the 4h which is where i found your idea. Im cool with your analysis and the indicators you are using, just wasnt sure where the chart on the right came from. as you said it was the 30 minute which i dont look at too often. thanks for the reply.