Falling wedge incoming SHORT liquidation run
Updated
As most thought we would dump to 7600 i remained bullish as this was nothing more then a slight
correction and a great buying opportunity for the next move up on bitcoin . The 4hr stochs look set
to test higher as well as the 4hr MACD looking to cross bullish . Local resistance can be found at 8500
to break out of the FALLING WEDGE . We have currently formed a measured move to 8900-9000 which
is my target currently though we must break above 8730's which has been a rejection point. If you are
looking to trade this pattern and are not already in a long position i would wait for a break above 8500
as well as a 4hr candle close above 8500 from there a target of 8700 would be safe to assume. I expect there
to be a short liquidation run resulting in a pump. When we have short positions in the market it can act as a catalyst
due to price nearing there entries or stop losses resulting in closing positions by having to buy long
which can fuel a pump.
Thanks everyone for your support, LiquidMEX
correction and a great buying opportunity for the next move up on bitcoin . The 4hr stochs look set
to test higher as well as the 4hr MACD looking to cross bullish . Local resistance can be found at 8500
to break out of the FALLING WEDGE . We have currently formed a measured move to 8900-9000 which
is my target currently though we must break above 8730's which has been a rejection point. If you are
looking to trade this pattern and are not already in a long position i would wait for a break above 8500
as well as a 4hr candle close above 8500 from there a target of 8700 would be safe to assume. I expect there
to be a short liquidation run resulting in a pump. When we have short positions in the market it can act as a catalyst
due to price nearing there entries or stop losses resulting in closing positions by having to buy long
which can fuel a pump.
Thanks everyone for your support, LiquidMEX
Comment
BTC has hit resistance at 8514 and tested the resistance line of this falling wedge. It is likely the next 4hr candle will break BTC past its line of resistance. If broken expect the next resistance zone of 8570-8630.Current positions
Swing account
Position - Long
Entry - 8250
Scalp account
Position- Long
Entry - 8370
Comment
LTF market struture
Related publications
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.