BitcoinUpdated Bitcoin Trade Setup - Incoming Big Move!
Hello,
Bitcoin has formed a triangle pattern which is perfect for trading. We are still following our last Bitcoin post for the larger swing trade move. However, as Bitcoin closes in on the apex of the triangle we are presented with another opportunity.
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Long Play: We are looking for a strong candle to break out and close above the resistance line. We will then target (~46K). It would be wise to keep some positions open as a break from this level would push us towards 52K as per our last post.
Short Play: We are looking for a strong candle to break down and close below the support line. We will then target 40K support. A break from this zone will give us a test of the falling wedge support level.
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The overall trend is down but Bitcoin is still in a falling wedge pattern that could lead to a big break out to the upside. Predictions here are 50/50 it is best to wait for the market to show us the next move and then enter for the trade.
Bitcoin has formed a triangle pattern which is perfect for trading. We are still following our last Bitcoin post for the larger swing trade move. However, as Bitcoin closes in on the apex of the triangle we are presented with another opportunity.
----------
Long Play: We are looking for a strong candle to break out and close above the resistance line. We will then target (~46K). It would be wise to keep some positions open as a break from this level would push us towards 52K as per our last post.
Short Play: We are looking for a strong candle to break down and close below the support line. We will then target 40K support. A break from this zone will give us a test of the falling wedge support level.
---------
The overall trend is down but Bitcoin is still in a falling wedge pattern that could lead to a big break out to the upside. Predictions here are 50/50 it is best to wait for the market to show us the next move and then enter for the trade.
Note
Shorts close 75% of position in profits. 25% run break-even stop loss to the final target.
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