BTC Triangles Consolidation w/ RSI Divergence
ANALYSIS:
1. RSI Hidden Bullish Divergence. --> price higher lows, RSI lower lows
2. 11150 holding as support
3. Demand absorbing candle (long-tail wick)
TRADE OPPORTUNITY:
1. Entry = 11300
a) H$ demand zone
b) beginning of Wave C of a triangle
c) ascending trend line support
2. Stop Loss = 11100
a) end of long-tail wick (which is a supply demand absorbing candle)
3. Target 1 = 12200
a) range high from end of previous impulse
4. Target 2 = 13200
a) Supply Zone from July 2019
To be sure of an entry, wait for a doji candle or a retest of 11400 on the hourly to confirm a bullish environment.
1. RSI Hidden Bullish Divergence. --> price higher lows, RSI lower lows
2. 11150 holding as support
3. Demand absorbing candle (long-tail wick)
TRADE OPPORTUNITY:
1. Entry = 11300
a) H$ demand zone
b) beginning of Wave C of a triangle
c) ascending trend line support
2. Stop Loss = 11100
a) end of long-tail wick (which is a supply demand absorbing candle)
3. Target 1 = 12200
a) range high from end of previous impulse
4. Target 2 = 13200
a) Supply Zone from July 2019
To be sure of an entry, wait for a doji candle or a retest of 11400 on the hourly to confirm a bullish environment.
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