Last afternoon, BTC broke the neckline of a double bottom.
This is a very good sign for BTC, as it means the bottom may be in... for now.
After further analysis, it appears we have formed a bullish pennant and a possible ascending triangle just above the previous neckline. This is a very common consolidation phase after breaking above a neckline.
Therefore I believe more upward movement is likely.
However, there is always a chance we could break below the pennant. Which in this scenario there have been signs of a possible double top on some exchanges.
IF this is the case, I will likely close all longs at the break of the pennant. I will then look to enter a short after a break of the bottom neckline.
Summary:
I am currently BULLISH. I plan to add to my longs at a break above the pennant, and will likely add more if we break out of the top of the triangle.
IF we break out the bottom of the pennant, I will close all long positions and watch for a break in the neckline.
I wish you all luck!!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
This is a very good sign for BTC, as it means the bottom may be in... for now.
After further analysis, it appears we have formed a bullish pennant and a possible ascending triangle just above the previous neckline. This is a very common consolidation phase after breaking above a neckline.
Therefore I believe more upward movement is likely.
However, there is always a chance we could break below the pennant. Which in this scenario there have been signs of a possible double top on some exchanges.
IF this is the case, I will likely close all longs at the break of the pennant. I will then look to enter a short after a break of the bottom neckline.
Summary:
I am currently BULLISH. I plan to add to my longs at a break above the pennant, and will likely add more if we break out of the top of the triangle.
IF we break out the bottom of the pennant, I will close all long positions and watch for a break in the neckline.
I wish you all luck!!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Trade active
Trade closed: target reached:
Trade Closed at 7090.
Looking for next position
Looking for next position
Comment:
If you are still long, these are all very important levels to look out for
Comment:
Looks like a Descending Triangle is forming. Thinking a Correction is likely.
Creator of DepthHouse Indicators on TradingView!
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↣ depthhouse.com/
Just trade carefully and watch for a break in either direction!