SHAKEOUT BREAKOUT PATTERN - Bitcoin Cash Study
This is one of my favorite patterns with Cryptos that seems to happen a lot. I call it the SHAKEOUT BREAKOUT.
1. After a big move up, there is a consolidation range. In this Bitcoin Cash we can see a long descending triangle wedge pattern that formed.
2. Price seemed to breakdown under that 580 level, but it has now broken back up into that consolidation range. The weak hands have SHAKEN OUT, and now only buyers are left.
3. This usually leads to a stronger breakout to the upside with less potential to fail than if the consolidation pattern had just broken out in the first place.
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!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
1. After a big move up, there is a consolidation range. In this Bitcoin Cash we can see a long descending triangle wedge pattern that formed.
2. Price seemed to breakdown under that 580 level, but it has now broken back up into that consolidation range. The weak hands have SHAKEN OUT, and now only buyers are left.
3. This usually leads to a stronger breakout to the upside with less potential to fail than if the consolidation pattern had just broken out in the first place.
---
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.