Week 12 looking like it finally might provide an interesting trade.
- We're seeing a falling wedge whose apex is in week 12.
- Buy limit @ 7474.9 of 20% is still in place
- I'm eyeing a manual buy in the double bottom (D.B.) range -/+ 6% of the previous low of 6k.
I'm seeing three scenario's here:
1. It breaks down from the wedge, which might give it the acceleration we need for a strong bounce to 9.2k. Structurally i think this is the best scenario.
2. It breaks up from the wedge to 9.2k. Falling wedges have a bias towards a breakout up, so this scenario is more likely, but this comes across as more sideways between the 7-11k range and this sideways action makes it structurally weaker.
3. It breaks down and below the D.B. range. No reason to panic, as at worst we'll be holding a 40% position, meaning we still have 60% to cost average.
Happy trading
Follow me for frequent updates during the week and please like if you appreciate the effort!
References:
- A&A DT: thepatternsite.com/aadt.html
- DB: thepatternsite.com/D...ubleBottomTypes.html
- We're seeing a falling wedge whose apex is in week 12.
- Buy limit @ 7474.9 of 20% is still in place
- I'm eyeing a manual buy in the double bottom (D.B.) range -/+ 6% of the previous low of 6k.
I'm seeing three scenario's here:
1. It breaks down from the wedge, which might give it the acceleration we need for a strong bounce to 9.2k. Structurally i think this is the best scenario.
2. It breaks up from the wedge to 9.2k. Falling wedges have a bias towards a breakout up, so this scenario is more likely, but this comes across as more sideways between the 7-11k range and this sideways action makes it structurally weaker.
3. It breaks down and below the D.B. range. No reason to panic, as at worst we'll be holding a 40% position, meaning we still have 60% to cost average.
Happy trading
Follow me for frequent updates during the week and please like if you appreciate the effort!
References:
- A&A DT: thepatternsite.com/aadt.html
- DB: thepatternsite.com/D...ubleBottomTypes.html
Trade active:
Buy limit @ 7474.9 for 20% triggered. Trade safe!
Comment:
We have a breakout out of the wedge to the upside with a target of 9.2k, but we're also on the lookout for a potential topping pattern around current price level.
Comment:
We're holding 20% @ 7474.9 and are still optimistic about our 9.2k target as long as BTCUSD either pops through resistance or sets a higher low.
Don't forget that it's holding up OK for a linear regression resistance where previously strong selling happened:
Don't forget that it's holding up OK for a linear regression resistance where previously strong selling happened:
Comment:
After some price compression at a linear regression resistance where previously strong selloffs occurred - read bullish - there's the expansion to our 1st target of 9.2k. Additionally, the price did not move below the LOD of 20th of March, which also is bullish, and it can potentially print a three white soldiers today if it can close full bodied.
I'll be skimming off 50% off my position, leaving me with 10% BTC exposure, and i'll be looking to close the rest either near the High Of Week (HOW) 11.
I'll be skimming off 50% off my position, leaving me with 10% BTC exposure, and i'll be looking to close the rest either near the High Of Week (HOW) 11.
Comment:
Our first retrace from the bounce near our initial buy @ 7474.9 is currently happening and price has reached a level that has been both support and resistance.
If it breaks here, we're looking at the lin. reg. and a possible bounce there.
We're still holding our 20% with a sell of 50% in place for 9.2k.
If it breaks here, we're looking at the lin. reg. and a possible bounce there.
We're still holding our 20% with a sell of 50% in place for 9.2k.
