Hello Traders 🐺
I hope you're doing well! In this idea, I want to take a quick look at BTC's short-term price target. In my opinion, this pattern is very tradable and worth dedicating more time to, as it presents a great opportunity to find a solid entry for a buy or long position. So, let's dive in:
As you can see on the chart:
we have a very clear falling wedge pattern. You can also consider it a bull flag, as the price created it after an upward movement. Essentially, this pattern formed during the corrective wave to retest the monthly support, which you can see as the black trend line.
Right now, we have a clear double bottom formation, and the price is currently trading above the neckline around $88,500. You can wait for confirmation and a retest of this neckline as a new support level to enter a long position or buy on spot. However, there's still a chance for the bulls to push the price further and break above the daily resistance area, which is between $92,100 and $94,500. If that happens, we could see our short-term price target hit – the top of the wedge!
So, what can we do right now?
Always remember, no one can predict with 100% certainty which direction the price will go or when exactly it will move. But with technical analysis, you can figure out how to manage your money and make profits from the market's movements. How?
You always need to stick to your trading strategy. If you ask me what my plan is, I usually have two plans: A and B. I patiently wait for signs for each plan and take the best course of action based on them. For instance, in the current situation:
I buy 50% at the breakout level and keep the rest for confirmation of the breakout. This way, I enjoy two benefits: If the price doesn't come back for a retest of the neckline, I still have 50% of the position and can take profit all the way up to the take-profit area. If the price does retest the wedge neckline, I can add more to my position. This method helps me manage my emotions and avoid unnecessary losses.
If you haven't opened any trades yet, I suggest waiting for more signs before deciding. You can also check lower timeframes for a better entry point. Right now, things are a bit tricky in the market, and based on our research and clear trends, BTC has started decoupling from GOLD and NASDAQ. Recently, we've seen BTC and GOLD sometimes move in opposite directions, which makes trading a little tougher, especially for new traders. The market is a bit unpredictable right now, so it's crucial to stick to your plan.
And always remember:
🐺 Discipline is rarely enjoyable, but almost always profitable . 🐺
🐺 KIU_COIN 🐺
I hope you're doing well! In this idea, I want to take a quick look at BTC's short-term price target. In my opinion, this pattern is very tradable and worth dedicating more time to, as it presents a great opportunity to find a solid entry for a buy or long position. So, let's dive in:
As you can see on the chart:
we have a very clear falling wedge pattern. You can also consider it a bull flag, as the price created it after an upward movement. Essentially, this pattern formed during the corrective wave to retest the monthly support, which you can see as the black trend line.
Right now, we have a clear double bottom formation, and the price is currently trading above the neckline around $88,500. You can wait for confirmation and a retest of this neckline as a new support level to enter a long position or buy on spot. However, there's still a chance for the bulls to push the price further and break above the daily resistance area, which is between $92,100 and $94,500. If that happens, we could see our short-term price target hit – the top of the wedge!
So, what can we do right now?
Always remember, no one can predict with 100% certainty which direction the price will go or when exactly it will move. But with technical analysis, you can figure out how to manage your money and make profits from the market's movements. How?
You always need to stick to your trading strategy. If you ask me what my plan is, I usually have two plans: A and B. I patiently wait for signs for each plan and take the best course of action based on them. For instance, in the current situation:
I buy 50% at the breakout level and keep the rest for confirmation of the breakout. This way, I enjoy two benefits: If the price doesn't come back for a retest of the neckline, I still have 50% of the position and can take profit all the way up to the take-profit area. If the price does retest the wedge neckline, I can add more to my position. This method helps me manage my emotions and avoid unnecessary losses.
If you haven't opened any trades yet, I suggest waiting for more signs before deciding. You can also check lower timeframes for a better entry point. Right now, things are a bit tricky in the market, and based on our research and clear trends, BTC has started decoupling from GOLD and NASDAQ. Recently, we've seen BTC and GOLD sometimes move in opposite directions, which makes trading a little tougher, especially for new traders. The market is a bit unpredictable right now, so it's crucial to stick to your plan.
And always remember:
🐺 Discipline is rarely enjoyable, but almost always profitable . 🐺
🐺 KIU_COIN 🐺
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
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.
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
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.