Bitcoin Price Action Expectations

7 oct 2020

Here’s some insight into Bitcoin, as you can see on my graph we are currently squeezing into a wedge which is generally a sign for a large price movement incoming. My overall bias on Bitcoin is to the Upside, seeing that the majority of markets are over inflated at the moment, Bitcoin most definitely has room to grow. As a technical trader, I have illustrated 2 Scenarios I expect to play out. Scenario 1 - If we find new support at the green highlighted zone ($10’500) we are more likely to break the wedge to the upside and could look at testing $11’800 - $12’000 very soon.
Scenario 2 - However if we fail to find support will likely break the wedge downwards and an attempt to break the $10’000 Orange support could be on the cards. Either way we will be sitting on the sidelines and awaiting a high probability trade set up for a Buy. I will update you as the Price Action presents the insight. - Liam

7 oct 2020

Nota

After finding support at the Green Zone, I have entered a high probability trade (buy position at $10596) with a Stop Loss of just 40 Pips, hoping for a clean break of the wedge. if confirmation of scenario 1 continues I will scale in some size until profit taking region of $11800-$12500

20 oct 2020

Nota

Beautifully played out, congrats to those that caught an entry with me. I believe we will see a pull back from $12050