Bitcoin In A Falling Wedge
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Bitcoin price dipped downwards, what next?
Hello Traders,
This Falling Wedge has been drawn since the 26th of Sept after the huge downside price action.
Currently price is still respecting the bottom support line of the Falling Wedge.
If price breaks the support line, next potential support will be at 6K, then further down will be at the .0236 Fib level @ $5,663.
The RSI bullish divergence on this daily chart has yet to be fulfilled and price is expected to push to the upside soon.
An Aggressive Entry would be to Long now with 70%-80 of getting another leg down to the 6K and getting wrecked.
A Safe Entry would be to wait for the price to break out of the Falling Wedge towards the upside with price potentially reaching the base of the wedge at 12.3K (Blue Rectangle)
The ultra safe long entry would be at past 8.5K.
We'll revisit the chart when the day candle closes. The candle will tell us the next story.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Hello Traders,
This Falling Wedge has been drawn since the 26th of Sept after the huge downside price action.
Currently price is still respecting the bottom support line of the Falling Wedge.
If price breaks the support line, next potential support will be at 6K, then further down will be at the .0236 Fib level @ $5,663.
The RSI bullish divergence on this daily chart has yet to be fulfilled and price is expected to push to the upside soon.
An Aggressive Entry would be to Long now with 70%-80 of getting another leg down to the 6K and getting wrecked.
A Safe Entry would be to wait for the price to break out of the Falling Wedge towards the upside with price potentially reaching the base of the wedge at 12.3K (Blue Rectangle)
The ultra safe long entry would be at past 8.5K.
We'll revisit the chart when the day candle closes. The candle will tell us the next story.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Nota
Nota
The RSI on this Daily Chart still has a bullish divergence.Bullish Divergences will have to eventually be fulfilled.
Nota
Weekly Chart price projection.Nota
Price movement to the upside now.Nota
Bulls are going strong.Nota
This is insane!https://ttps://www.tradingview.com/chart/BTCUSD/gt5DTy8o-Bitcoin-Bulls-Are-On-Fire/
Nota
17.89% Pump and still going!
Nota
Massive, Massive, Massive Gains!Nota
Price pushing past 1.272 Fib level. Truly insane!
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