BTCUSD LONG SET UP
We see an upward trend line on the daily with a third touch just completed. After the third touch we had a morning star formation on the daily timeframe. We may either see the price break through the short term downward trendline and keep going or do a slight retest to the indicated demand zone before going up.
Note
If it retests off the demand zone, forming a double top, we can enter the trade. Higher confirmation if you wait for it to break the downward trendline. However, If it breaks through our demand zone downwards, we can begin to look for short orders and consider this set up invalid.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.