Waiting for set up on BTC /USD
Seeing a rising wedge after small breakout from descending triangle pattern on 4h chart.
VWAP shows bullish control but not convinced this is a true buyers market yet. Pattern of trade sees too systematic or robotic (i.e. bot, whales?).
Either way waiting for retrace to 10.3k for a nice support and prime to break 12k wall. My target will likely be just under at 11.9k.
Will return if it breaks 12250 since this would complete a head & shoulder on the daily chart, or cup & handle pattern on the 6h chart leading to retrace back to 17.5k+
I wouldn't be surprise if btc breaks 10k support, altcoins could start to take a lead on gains. Similar to price action leading up to december & january.
I'll be looking out for XRP & Coinbase CEO on Fast Money this week. I'd be shocked if they announce something but buying the rumors to sell you the news :P
Interesting that news of Germany's tax pseudo-exemption on cryptocurrency as a means of trade didn't have a huge impact on market. But lets see if others follow after the G summit with other EU nations next quarter.
Happy trading!
Seeing a rising wedge after small breakout from descending triangle pattern on 4h chart.
VWAP shows bullish control but not convinced this is a true buyers market yet. Pattern of trade sees too systematic or robotic (i.e. bot, whales?).
Either way waiting for retrace to 10.3k for a nice support and prime to break 12k wall. My target will likely be just under at 11.9k.
Will return if it breaks 12250 since this would complete a head & shoulder on the daily chart, or cup & handle pattern on the 6h chart leading to retrace back to 17.5k+
I wouldn't be surprise if btc breaks 10k support, altcoins could start to take a lead on gains. Similar to price action leading up to december & january.
I'll be looking out for XRP & Coinbase CEO on Fast Money this week. I'd be shocked if they announce something but buying the rumors to sell you the news :P
Interesting that news of Germany's tax pseudo-exemption on cryptocurrency as a means of trade didn't have a huge impact on market. But lets see if others follow after the G summit with other EU nations next quarter.
Happy trading!
Note
Nothing to really update about. Testing some buy walls. I was anticipating a 11.1k retrace as its nearest support level but seems to be trying to break the 11.7k. Not really doing anything but watching at this point. If it breaks 12,250 then I will likely enter. But I'm more hoping for a 10.8k entry so that it can build some buy pressure to overcome the 12k wall.
A wider channel than the original channel I posted about earlier this month is in play but I won't be using that as my playing field until a proper retracement / breakout.
Trade closed: stop reached
Apologies, I was lecturing this past week in Baltimore. Now back to usual trading.I had my stop lost set to take short strategy which it has done already. I bought back in at 8.4k with a 15% gain from trading the BTC to alt coin back when it was at 11.4k.
Waiting on better support but I would not be surprised if a rally begins this week. I will post new TA if signal is provided.
Cheers
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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.