Looking at the 4hr I am seeing the completion of a bullish cypher pattern. I think that we will move up from here to test resistance towards the top of the falling wedge. I will be looking for a reversal around the .5 to .618 area of the Fib retracement from the C to D leg of the bullish cypher. This would be a good take profit zone if a long was initiated.
Here is a closer look at the bullish cypher pattern.
Pulled back on the 4hr we can see the falling wedge. If we touch the orange trendline we could be howling for the moon again. If we fall below it, then I'm running for the hills with my tail between my legs!
The daily is showing a descending triangle. A measured move down would take us close to $18,000. A break up and we could find a new ATH close to $45,000. For now we are still consolidating within the structure.
Are we in a bullish or bearish trend? Owhoooo!
Here is a closer look at the bullish cypher pattern.
Pulled back on the 4hr we can see the falling wedge. If we touch the orange trendline we could be howling for the moon again. If we fall below it, then I'm running for the hills with my tail between my legs!
The daily is showing a descending triangle. A measured move down would take us close to $18,000. A break up and we could find a new ATH close to $45,000. For now we are still consolidating within the structure.
Are we in a bullish or bearish trend? Owhoooo!
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Owhoooo!
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Here is my trade setup.
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Still playing out! I think we will go up closer to the top of the wedge.
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Here we go....
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Hit my first target, took 50% profit. Let's ride! Owhooooo!
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Stopped out! Looking for the next edge.
Owhooooo!
Owhooooo!
