the current structure looks like a falling wedge inside a trading range between 8400-10k ish.
personally I'm not a big fan of wedges unless they have very tight price action with bullish divergence on volume and momentum indicators, I also like to see falling volume inside a wedge. The current falling wedge on BTC fits those criteria, hence it might provide a good risk to reward trade for us.
As you can see BTC is currently working on a W shape pattern at the bottom of the wedge around the lower support of the range. This is the price action that BTC likes to make before breaking its wedges.
a break above 9k with good volume can confirm the wedge pattern. IF that happens the target of the wedge is going to be 10k which is the top of the range.
personally I'm not a big fan of wedges unless they have very tight price action with bullish divergence on volume and momentum indicators, I also like to see falling volume inside a wedge. The current falling wedge on BTC fits those criteria, hence it might provide a good risk to reward trade for us.
As you can see BTC is currently working on a W shape pattern at the bottom of the wedge around the lower support of the range. This is the price action that BTC likes to make before breaking its wedges.
a break above 9k with good volume can confirm the wedge pattern. IF that happens the target of the wedge is going to be 10k which is the top of the range.
Comment:
Comment:
looking very good so far, had a good break out on decent volume, retested the resistant as support and created a bull flag, and continued higher.
it's going to reach another level of minor resistance (9500 ish) inside the larger range soon.
that can be a good level to take some profit off the table and keep the rest of the position to unload it at the top major resistant of the range ( the green box).
it's going to reach another level of minor resistance (9500 ish) inside the larger range soon.
that can be a good level to take some profit off the table and keep the rest of the position to unload it at the top major resistant of the range ( the green box).
Comment:
there is not any sign of exhaustion on indicators which is good and increases the chance for the main target to get hit.
price should not close a high time frame candle below 9100 and more important than that the 9k green box. so you can bring your stops up and manage the trade around those levels according to your risk profile.
price should not close a high time frame candle below 9100 and more important than that the 9k green box. so you can bring your stops up and manage the trade around those levels according to your risk profile.
Comment:
Comment:
first profit target got hit to the T
Comment:
Comment:
target almost got hit, I took some more profit here. however, the market looks strong. I posted a new swing trading idea about BTC. I'm going to keep whats is left from this trade idea in case the swing trade idea confirms (close above 9950 10k ish) IF it happens, then I'm going to add to my position again.
I'm going to update BTC on the new post.
I'm going to update BTC on the new post.
Trade closed: target reached
Comment:
+3R