Bitcoin - sell on 12H - target 10500 $
Updated
Dear traders and followers,
the Bitcoin price broke out of middle term triangle on higher time frame and closed several times under the triangle trend line.
If the current or next 12 hour candle doesn't move back into the triangle and close within it we can expect with high probability a down movement to at least 10500 $. This area is first strong support area on the weekly chart.
MACD indicator is near 0 line - expect sellers entering the market as soon the sell volume starts to grow again and the baselines move under the 0 line.
As I know the Bitcoin a move back into the triangle and thus a bear trap is well possible. Often the Bitcoin does the exact opposite of what is shown in the textbooks. Lets wait for a clear signal before entering any position.
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Thanks for your support !
the Bitcoin price broke out of middle term triangle on higher time frame and closed several times under the triangle trend line.
If the current or next 12 hour candle doesn't move back into the triangle and close within it we can expect with high probability a down movement to at least 10500 $. This area is first strong support area on the weekly chart.
MACD indicator is near 0 line - expect sellers entering the market as soon the sell volume starts to grow again and the baselines move under the 0 line.
As I know the Bitcoin a move back into the triangle and thus a bear trap is well possible. Often the Bitcoin does the exact opposite of what is shown in the textbooks. Lets wait for a clear signal before entering any position.
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Thanks for your support !
Note
market reached the up trend line which changed into resistance. Need to watch the market in the next hours before open any position.If the Price move and close back into the triangle its an buy Signal
If the Price fail to move back into the triangle its and sell Signal
Note
close short positions in profit and re enter after new sell signal. Market will make up movement to 11650-11700 $ area which is another good sell entry area
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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.