Pathway of Bitcoin
Nothing has changed from the previous post and we are still in the symmetrical triangle. Breakout is expected, depending on the direction of the breakout, that's the trade you should/can take.
Upside break= Long
Downside break= short
How can you identify a break?
You will see it directly, when there is for example a big volume spike in the 30min chart.
In the chart I have drawn in the pathway Bitcoin will take after the break of each side. My down targets go as deep as 9.6k for now and long targets 13.2k, before a dip.
You can stay all the way short, but you would have to adjust stop loss ( in profit).
A break of the fib support at $111556 will be the start of the bearish momentum and will bring us directly onto our first target at 11.1k, where further process will be decided. Depending if we manage to hold 11.1k, will be crucial for further trade setups.
Bullish case is still a break of 12.3k.
Because we are so low right now, you could take a partial long (only a little part of your portfolio) and close it if/when we break the "Chinese billion channel" and TP when we hit 12.3k and even hold it.
This would mean entering long right now and putting stop loss below $11556.
Upside break= Long
Downside break= short
How can you identify a break?
You will see it directly, when there is for example a big volume spike in the 30min chart.
In the chart I have drawn in the pathway Bitcoin will take after the break of each side. My down targets go as deep as 9.6k for now and long targets 13.2k, before a dip.
You can stay all the way short, but you would have to adjust stop loss ( in profit).
A break of the fib support at $111556 will be the start of the bearish momentum and will bring us directly onto our first target at 11.1k, where further process will be decided. Depending if we manage to hold 11.1k, will be crucial for further trade setups.
Bullish case is still a break of 12.3k.
Because we are so low right now, you could take a partial long (only a little part of your portfolio) and close it if/when we break the "Chinese billion channel" and TP when we hit 12.3k and even hold it.
This would mean entering long right now and putting stop loss below $11556.
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