Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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BTC has broken the downtrend chanel. Made a M pattern, returned in the downtrend chanel. Big bounce: 6h: big green volume candle. And the downtrend chanel is broken again to the upside!! is it that a trend wall that can be broken easily up or down ? It's a useless trend now probably.
It's why I'm changing my point of vue. A possible uptrend chanel can be drawn. Will it happen ? I don't know. What is the path ? I don't know, I have no fractal in mind. But I wouldn't be surprised if it's bullish. Answer in a few hours.
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I prepared my chart on the exchange
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This is my plan "B". It's the same pattern as in the past, but bigger
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YES !! May be I've found the fractal !
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What should I think about that ? It's the same kind of pattern. Triangle + shakeout. In the same chanel. That could end a downtrend. I'll buy the breakout IF it occur
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I just have in mind that it's very similar. May be too. When this occur in crypto, it do often the opposite the 2d time ! So... I don't take position before. It can break the support. Let's just trade safe.
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Stoch is so low ! It's not good for a breakout.
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Bullish divergence created. But look at the volume: big green candle, and the price didn't move so much. If it fail, dump coming...
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There is no buy pressure... dump coming ?
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Short triggered
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Possible bearflag in process
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Just for training, I placed another breakout short entry on my chart
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It's under a support now. But there is a "problem" with my simulation. Short triggered. And it bounced up. It's not a good idea always to enter like that.
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Until now my this idea is still ok. Now. Breakout or no ?
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For my own educational: double bottom (double rejection) Place the trendline, buy the breakout