After that inverse BART, we got that drop as we expected.
I did expect it to break the new uptrend support but it didn't
So, now we have 3 patterns going on right now on the 4hourly timeframe.
1. Symmetrical Triangle (Blue)
We marked an uptrend support line after the inverse BART.This uptrend support line is forming a symmetrical triangle from our previous downtrend line.
Now, at the time of publishing this post, the downtrend line is just under 3900 right now and the uptrendline is around 3780
2. Symmetrical Triangle (Green)
We'll look at this triangle if we break the Symmetrical Triangle 1 and the Descending Wedge 3.
The downtrend line of the triangle is around 4250 at the moment and uptrend line is the same as that of Symmetrical Triangle 1.
3. Descending Wedge (Red)
The descending wedge is pretty clear but we won't know if it is in play atm
The downtrend line is the same downtrend line from Symmetrical Triangle 1
The bottom line of the descending wedge is running around 3630 atm.
What do we do now that we have 3 patterns in front of us?
Trade outwards
Starting from the center.
Symmetrical Triangle 1 -> LONG if we break the top and SHORT if we break the bottom.
If we break the top, Symmetrical Triangle 2 will be in play. Take profits from LONG around the downtrend line of Symmetrical Triangle 2 (at 4250 right now).
If we break the bottom, take profits from your LONG around the bottom line of descending wedge (at 3630 right now).
Symmetrical Triangle 2 -> It'll be in play only if we break Symmetrical Triangle 1. So trade it the same way that you traded Symemtrical Triangle 1. Trade the breakout. If we break the top, we'll be heading to 4460-4780 region. If we break the bottom, the target would be 3500.
Descending Wedge -> These break out to the top most of the times.
So if it is in play, we'll find out. Trade the break out
If we break the bottom of this wedge, we'll most probably test 3500 support.
This is as simple as it can get.
Trade the breakout, run Stop Loss under the trend in case it's a fake out.
What are my indicators saying?
FOMO 4hrly is red, HTL is red.
What's my trade setup right now?
I've closed majority of my SHORT position (shorted at 4010) and will wait for a confirmation from one of these 3 trade patterns before opening a new position.
I'm not doing any scalps. This is strictly a no trade zone for me.
I did expect it to break the new uptrend support but it didn't
So, now we have 3 patterns going on right now on the 4hourly timeframe.
1. Symmetrical Triangle (Blue)
We marked an uptrend support line after the inverse BART.This uptrend support line is forming a symmetrical triangle from our previous downtrend line.
Now, at the time of publishing this post, the downtrend line is just under 3900 right now and the uptrendline is around 3780
2. Symmetrical Triangle (Green)
We'll look at this triangle if we break the Symmetrical Triangle 1 and the Descending Wedge 3.
The downtrend line of the triangle is around 4250 at the moment and uptrend line is the same as that of Symmetrical Triangle 1.
3. Descending Wedge (Red)
The descending wedge is pretty clear but we won't know if it is in play atm
The downtrend line is the same downtrend line from Symmetrical Triangle 1
The bottom line of the descending wedge is running around 3630 atm.
What do we do now that we have 3 patterns in front of us?
Trade outwards
Starting from the center.
Symmetrical Triangle 1 -> LONG if we break the top and SHORT if we break the bottom.
If we break the top, Symmetrical Triangle 2 will be in play. Take profits from LONG around the downtrend line of Symmetrical Triangle 2 (at 4250 right now).
If we break the bottom, take profits from your LONG around the bottom line of descending wedge (at 3630 right now).
Symmetrical Triangle 2 -> It'll be in play only if we break Symmetrical Triangle 1. So trade it the same way that you traded Symemtrical Triangle 1. Trade the breakout. If we break the top, we'll be heading to 4460-4780 region. If we break the bottom, the target would be 3500.
Descending Wedge -> These break out to the top most of the times.
So if it is in play, we'll find out. Trade the break out
If we break the bottom of this wedge, we'll most probably test 3500 support.
This is as simple as it can get.
Trade the breakout, run Stop Loss under the trend in case it's a fake out.
What are my indicators saying?
FOMO 4hrly is red, HTL is red.
What's my trade setup right now?
I've closed majority of my SHORT position (shorted at 4010) and will wait for a confirmation from one of these 3 trade patterns before opening a new position.
I'm not doing any scalps. This is strictly a no trade zone for me.
Operación activa:
We are left with Descending Wedge.
As you can see, we have bounced from 3650 (near the bottom line of descending wedge).
Again BTC is in NO-Trade-Zone if you are not in a SHORT from higher up.
I'm running a Stop Loss at 3750 for my 4010 SHORT from the other day.
Which would also mean a break out from the descending wedge.
This break out from descending wedge could easily take us to 4200 region.
Please be wary of new LONGs and SHORTs atm.
As you can see, we have bounced from 3650 (near the bottom line of descending wedge).
Again BTC is in NO-Trade-Zone if you are not in a SHORT from higher up.
I'm running a Stop Loss at 3750 for my 4010 SHORT from the other day.
Which would also mean a break out from the descending wedge.
This break out from descending wedge could easily take us to 4200 region.
Please be wary of new LONGs and SHORTs atm.
Comentarios:
We are so close to the top after bouncing from the bottom of the wedge.
Be prepared to LONG once this thing breaks out.
Be prepared to LONG once this thing breaks out.
Operación cerrada: objetivo alcanzado:
Once again simple Break-out trading.
This would have been a nice short if you shorted when BTC broke down from the pennant.
3780 to 3750 -> 3.25% -> Add leverage to this. WIN!