On the daily timeframe, it looks like to us, that the price as changed its movement and started forming a triangle instead of the previous wedge formation. But because it is also a corrective structure after an impulsive or a motive wave, the next big move after the initial price breakout out of the corrective triangle, should be in the same direction as the impulsive or the motive wave that has formed before the correction. In this instance, that would be a bullish move. So we are still looking for that bullish extension to the line that previously held the price as both support and resistance. On the long term, we expect Bitcoin, to jump to around 6000$.
Looking at the price on the lower timeframe on 4H chart, we can see, that the price has some movement to do before the breakout out of the triangle, that we observed on the daily timeframe. On the short term, the next move that we are looking for is bearish, as the price will most likely bounce off the upper triangle line and continue its move to the lower triangle line. If you are interested in that trade, be careful and set stop loss just above the upper triangle line, as the price may reverse and break out for a short period of time before continuing its bearish movement.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
[url=mailchi.mp/bc78576d6f40/freeweeklymarketoutlook ]mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!
Looking at the price on the lower timeframe on 4H chart, we can see, that the price has some movement to do before the breakout out of the triangle, that we observed on the daily timeframe. On the short term, the next move that we are looking for is bearish, as the price will most likely bounce off the upper triangle line and continue its move to the lower triangle line. If you are interested in that trade, be careful and set stop loss just above the upper triangle line, as the price may reverse and break out for a short period of time before continuing its bearish movement.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
[url=mailchi.mp/bc78576d6f40/freeweeklymarketoutlook ]mailchi.mp/bc78576d6f40/freeweeklymarketoutlook
We wish you good luck with your trading!
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.
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.