Bitcoin is setting up a possible bounce on the H4 chart. Price has formed a symmetric triangle with 3 touches on the uptrend line and 3 touches on the downtrending line. Most oscillators (except the MACD) are showing bullish divergence. I m gonna use the triangle breakout as an entry signal around 6600$. Since we are in a bear market and I want to take a trade against the overall trend I am willing to wait for a breakout confirmation on the H1 chart. So I need an hourly candle to close above the downtrend line of the triangle (and I d like to see significant volume on that candle). If the price goes up too fast before I get my confirmation, I will miss the trade and I m fine with that (need a risk reward better than 1:1) .
My target is the previous support level of 7000$ which was never retested during the current move. I might use a lower target of 6900$ if we are close enough to the downtrend line and the 50% Fib retrecement.
My target is the previous support level of 7000$ which was never retested during the current move. I might use a lower target of 6900$ if we are close enough to the downtrend line and the 50% Fib retrecement.
Nota
Breakout never happened. Triangle seems to break to the downside so I consider this trade setup as invalid. This could be a nice sell signal for some traders but I am not shorting cryptocurrencies for many reasons.
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.
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.