In my previous analyses, I had spotted a falling wedge (will attach it below) and am still in the sell trade from Sunday. Think that the bottom is close, but there is still room for the price to got closer towards the 3000 price handle as the buying volume is still not enough to push the price higher.
The latest price development shows that there is a triangle in play and I think it is reasonable to open another short trade with half risk. The price currently consolidates inside it and presumably after another bounce of the upper line of the triangle we should get a break-down. The idea is to trade the break of the triangle with the SL above the recently established high and Target based on the Minimum Price Objective which lies at 3150-3200. After the target will be reached, recommend opening a buy trade targeting 4900-5000. The break should occur in the next 10-14 hours, otherwise, the pattern and the overall trade set-up will become invalid.
Follow this idea as I will keep updating as the price action will be developing.
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The latest price development shows that there is a triangle in play and I think it is reasonable to open another short trade with half risk. The price currently consolidates inside it and presumably after another bounce of the upper line of the triangle we should get a break-down. The idea is to trade the break of the triangle with the SL above the recently established high and Target based on the Minimum Price Objective which lies at 3150-3200. After the target will be reached, recommend opening a buy trade targeting 4900-5000. The break should occur in the next 10-14 hours, otherwise, the pattern and the overall trade set-up will become invalid.
Follow this idea as I will keep updating as the price action will be developing.
Support me with LIKES and FOLLOWS, it helps the channel grow and keeps me motivated to post free content.
Comentarios:
Comentarios:
It would be reasonable to apply a time filter of at least 30 minute candle. Personally, am going to open the trade after the 1h candle close below the triangle in order not to get in the bear trap!
Comentarios:
So far everything goes as planned. The price bounced from the bottom of the triangle despite the fact that it was slightly broken, the trade has not been opened as I am waiting for the hourly candle close below it.
those who are more inclined to risk could apply a 15 or 30-minute candle in order not to miss the impulsive break. But, experience shows that time filters are a very powerful tool which can significantly increase your trading hit rate.
those who are more inclined to risk could apply a 15 or 30-minute candle in order not to miss the impulsive break. But, experience shows that time filters are a very powerful tool which can significantly increase your trading hit rate.
Orden cancelada:
It looks like the triangle has been broken on the upside, think it would be reasonable to cancel the trade set-up and start looking for better opportunities. I am still in the sell trade from the break of the wedge (previous post) from Sunday!
The overall picture for BTC still remains bearish and my view that the price will bottom out in the lower 3k region remains unchanged.
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The overall picture for BTC still remains bearish and my view that the price will bottom out in the lower 3k region remains unchanged.
Thanks to all who like and followed this idea. Follow me if you want to receive free daily trading ideas.
