Hey fellow crypto traders,
Here is a simple look at bitcoin on the daily.
This ascending wedge pattern has a high probability of breaking to the downside, in which case we would end up at the red sad fast.
However there is much anticipation for the breakout above $4200, to get a better and true re-test of the 5k psych level.
Things to note:
1. currently battling weekly 20MA - this is huge.
2. trendline resistance
3. 78.6 fib resistance
4. RSI getting up there
A weekly close above 4200 will rocket the following week towards $4700 (extension levels) and send some alt coins parabolic. But if it cannot hold this $4050 level, then it could also get ugly fast, and many Alts will get crushed
There will be crowded stop losses below $4000 now, as it will mean the ascending wedge structure break is in play. so if you are fomoing in here, keep it tight. I think the risk vs reward outlines on chart is a nice setup.
Best of luck, hit thumbs up.
Here is a simple look at bitcoin on the daily.
This ascending wedge pattern has a high probability of breaking to the downside, in which case we would end up at the red sad fast.
However there is much anticipation for the breakout above $4200, to get a better and true re-test of the 5k psych level.
Things to note:
1. currently battling weekly 20MA - this is huge.
2. trendline resistance
3. 78.6 fib resistance
4. RSI getting up there
A weekly close above 4200 will rocket the following week towards $4700 (extension levels) and send some alt coins parabolic. But if it cannot hold this $4050 level, then it could also get ugly fast, and many Alts will get crushed
There will be crowded stop losses below $4000 now, as it will mean the ascending wedge structure break is in play. so if you are fomoing in here, keep it tight. I think the risk vs reward outlines on chart is a nice setup.
Best of luck, hit thumbs up.
Nota
love it when a plan comes together. Time to take a small short using the profits made from this pump - targeting $4,700 on BFX. Stop above $5,200
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.