BTC looks set to breach the upper boundary of a triangle that has been forming since exploding down to 3700 last week. It should get back up to 9000 relatively quickly if it can stay above 6400 for a reasonable amount of time (meaning, closed daily or 4 hour candles above).
If it breaches the lower boundary instead, I will be placing limit orders for sub $1000. This is not financial advice obviously, this is simply my own personal medium term bias should there be a break to the upside or downside on this triangle. In the short term of course, it can just bounce between the sides of the triangle but a decisive move before the weekend is necessary to validate the triangle hypothesis.
Note that I did not take into account the spike higher following the Fed QE and stimulus announcement when drawing the triangle; this was most likely a one off algorithmic trading event and therefore not significant from a technical analysis perspective, although it does show where possible resistance might be (hint: it's the 200 Week MA).
If it breaches the lower boundary instead, I will be placing limit orders for sub $1000. This is not financial advice obviously, this is simply my own personal medium term bias should there be a break to the upside or downside on this triangle. In the short term of course, it can just bounce between the sides of the triangle but a decisive move before the weekend is necessary to validate the triangle hypothesis.
Note that I did not take into account the spike higher following the Fed QE and stimulus announcement when drawing the triangle; this was most likely a one off algorithmic trading event and therefore not significant from a technical analysis perspective, although it does show where possible resistance might be (hint: it's the 200 Week MA).
تم فتح الصفقة:
Breached. Let's see if it sticks.
تعليق:
Initial Targets are at 5900 and 6450.
تعليق:
So far, anyone who took this trade would have been up 10% on spot (more on leverage) from 5500 to 6000 within the past 6 hours.
Because we're going into the weekend now there's a risk of a CME gap being created if the price keeps going up through the weekend. I suspect that it will end the US trading day between 6000 to 6300, just below resistance. I personally do not like keeping positions open on weekends because there are often wild swings from bigger players (mining pool operators) trying to set up a CME gap. But I will be keeping this open and setting a tighter stop once 5900 becomes support for a move higher.
Because we're going into the weekend now there's a risk of a CME gap being created if the price keeps going up through the weekend. I suspect that it will end the US trading day between 6000 to 6300, just below resistance. I personally do not like keeping positions open on weekends because there are often wild swings from bigger players (mining pool operators) trying to set up a CME gap. But I will be keeping this open and setting a tighter stop once 5900 becomes support for a move higher.
أغلقت الصفقة: تم الوصول للهدف:
Love it when a plan comes together.