Bitcoin refueling before the next leg up?
Updated
I wasn't able to trade today, so I mist the opportunity to short this drop. We were on top of the triangle, failing to break the 0.786FIB lvl on the daily time frame. Also divergence was slightly bearish and volume wasn;t too high, so this drop was hard to avoid.
No problem, this gives us just some new oppurtunities. I'm still bullish on bitcoin and I think we are just refueling for the next leg up. Therefore I added some at 8500, got some buy orders between 8400/8500 and set a close stop loss below 8400. We bounced quite a few times here and it's also the 4 hours cloud in which we just entered. If this level break I will try to buy back back in that green area. If that level breaks we will be going to 7500 (bigger triangle) or 7000 (uptrend line)
No problem, this gives us just some new oppurtunities. I'm still bullish on bitcoin and I think we are just refueling for the next leg up. Therefore I added some at 8500, got some buy orders between 8400/8500 and set a close stop loss below 8400. We bounced quite a few times here and it's also the 4 hours cloud in which we just entered. If this level break I will try to buy back back in that green area. If that level breaks we will be going to 7500 (bigger triangle) or 7000 (uptrend line)
Note
4 hour chart with the cloud and triangle I was speaking aboutNote
Note
Well, got to admit that my stop loss wasn;t that accurate, but the play today went quite as expected. Sadly we didn;t break the cloud around 8.7k but the current drop might just be a refuel to try again. MACD was oversold on the 1H. We are currently on an uptrend line it bounced on before, and I did see a nice fractal from a few days ago. I bought some here with a tigh stop loss. If it hits I might rebuy in the green zone.Note
Another falling wedge forming, let's see how this works out:
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