What we have here are several indicators for getting long Bitcoin.
On the Daily we have a Tweezer Bottom candlestick pattern forming inside a descending wedge that has bounced off the crucial 200Dma which we have not been under since trading below $300btc. We have also completed a dual leg ABC corrective leg into this 200Dma.
So how to trade this? First you could remain patient into this top part of the wedge and see how price reacts buying the first pullback preferably into the low 9200's or if price breaks out buy the pullback there after.
One could also buy on the smaller time frames any base that forms on the hourly charts near the low 9200's for a move into the top part of the wedge.
You can take some off at the top wall and buy pullbacks or ride it out for the big move up.
For topside targets I'm looking at a minimum move into 11450 which equates to the monthly pivot level + 100Dma but we should see at minimum the 38.2% retracement level which equates to the this weeks pivot at 12500. The absolute bullish topside target is the 61.8% retracement level at n15300's
Expect this setup to take week(s) not days.
On the Daily we have a Tweezer Bottom candlestick pattern forming inside a descending wedge that has bounced off the crucial 200Dma which we have not been under since trading below $300btc. We have also completed a dual leg ABC corrective leg into this 200Dma.
So how to trade this? First you could remain patient into this top part of the wedge and see how price reacts buying the first pullback preferably into the low 9200's or if price breaks out buy the pullback there after.
One could also buy on the smaller time frames any base that forms on the hourly charts near the low 9200's for a move into the top part of the wedge.
You can take some off at the top wall and buy pullbacks or ride it out for the big move up.
For topside targets I'm looking at a minimum move into 11450 which equates to the monthly pivot level + 100Dma but we should see at minimum the 38.2% retracement level which equates to the this weeks pivot at 12500. The absolute bullish topside target is the 61.8% retracement level at n15300's
Expect this setup to take week(s) not days.
Trade ist aktiv:
Bought into this dip trade active.
