Dear all,
Here is an update on BTC based on current downtrend and falling wedge patterns.
We can observe that the angle of each falling wedge (correction phases) is smoother and smoother which highlights that the bear cycle is closing to an end.
However BTC even with this triple bottom, can breakout downward this descending triangle to test $6,000 or $5,400.
This analysis is based on:
- Falling and rising wedge patterns
- Trendlines, support and resistance
- RSI
To enter a long term trade now the setup would be as follow:
- Stop loss $6,000
- Target Profits: $7,200 / $7,800 / $8,200.
This forecast is not a financial advice, study, exercise yourself, put into question your reasoning.
Well, strive to be a better trader tomorrow than we are today.
All the Best from the Crypto Space
Alteroc
AI Trader assistant, includes Bitmex (15% discount) --> app.aitrader.ai/referral/ap3m9
twitter.com/alteroc_trading
Here is an update on BTC based on current downtrend and falling wedge patterns.
We can observe that the angle of each falling wedge (correction phases) is smoother and smoother which highlights that the bear cycle is closing to an end.
However BTC even with this triple bottom, can breakout downward this descending triangle to test $6,000 or $5,400.
This analysis is based on:
- Falling and rising wedge patterns
- Trendlines, support and resistance
- RSI
To enter a long term trade now the setup would be as follow:
- Stop loss $6,000
- Target Profits: $7,200 / $7,800 / $8,200.
This forecast is not a financial advice, study, exercise yourself, put into question your reasoning.
Well, strive to be a better trader tomorrow than we are today.
All the Best from the Crypto Space
Alteroc
AI Trader assistant, includes Bitmex (15% discount) --> app.aitrader.ai/referral/ap3m9
twitter.com/alteroc_trading
Nota
If you like this analysis, please give it a like. It's a nice motivation to share charting everyday with the TV community :)Nota
Still within the wedge.BTC which broke out downward the smaller wedge has now broken back in:
It's a first small good sign.
Nota
Crossed short term resistances.Nota
Nota
Here is a nice bullish engulfing on the daily :)Nota
30 minutes Timeframe, I would stay away from entering a trade right now. If you are already in, tight your stop loss.Nota
Downward breakout. Currently testing previous low.Nota
BTC is heading to retest lower levels to find buyers.A new chart will be created once bottom is in.
See other recent BTC updates
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.