I saw this pattern a few days ago where the first arrows are drawn and bought in for a long at $3750 off the ascending trendline with a tight stop at $3600. I should have posted it then but I see opportunity for more profits here so late is better than never,
This pullback behaviour after the breakout is normal in ascending triangle patterns: www.stock-trading-in...ending-triangle.html
If the next candle can close above the previous (being a green 2 above a green 1), this is a technical long on the Thomas Demark sequential indicator and would likely be a good time to ride the price to $4200 and beyond. By beyond, I mean that I don't believe in double tops holding as they are an unlikely pattern and I can see Bitcoin breaking this to as far as the heavy resistance around $4800 to $5000. This is the Maximum bounce I see for Bitcoin and believe it will get heavily rejected at or before 5k.
In the short term trade, target is $4200 where I will start taking profits and trail a stop for the remainder that I'll let ride to beyond $4200 if I'm right.
Good luck trading
This pullback behaviour after the breakout is normal in ascending triangle patterns: www.stock-trading-in...ending-triangle.html
If the next candle can close above the previous (being a green 2 above a green 1), this is a technical long on the Thomas Demark sequential indicator and would likely be a good time to ride the price to $4200 and beyond. By beyond, I mean that I don't believe in double tops holding as they are an unlikely pattern and I can see Bitcoin breaking this to as far as the heavy resistance around $4800 to $5000. This is the Maximum bounce I see for Bitcoin and believe it will get heavily rejected at or before 5k.
In the short term trade, target is $4200 where I will start taking profits and trail a stop for the remainder that I'll let ride to beyond $4200 if I'm right.
Good luck trading
Trade active:
My stop somehow didn't get triggerred at 3750 so I'm still in the long trade and am still expecting a push to $4200, I'll update again if I see a bullish entry
Comment:
$3950***
Trade closed: stop reached:
Stop hit, took profits at $3950