BTC Comparative Triangle and Regression
Here was a quick evening / morning stop limit that were filled.
A 15 Min triangle pattern showed at the time that the price action may move pass the upper limit of the pattern. This upper limit was also a crossing point for the regression line placed on the 30 minute chart.
Both showed reversal, thus I shorted with a small 2-3% target to reenter at 8701 and 8450 (not shown).
The break in the triangle pattern help determine it was a good short.
The break of the regression line also further added to determining this would be a good short to go into.
Targets were hit early this morning when I woke up.
It is hard for me to FOMO into things when I trade consistently based on a strict strategy. The market is pretty forgiving for now on small mistakes.
From a macro stand point - the dip seems to be related to Binance and news of Japan warning of their lack of registration. This is somewhat ridiculous given that Binance has been in talks with regulators since the China FUD.
A 15 Min triangle pattern showed at the time that the price action may move pass the upper limit of the pattern. This upper limit was also a crossing point for the regression line placed on the 30 minute chart.
Both showed reversal, thus I shorted with a small 2-3% target to reenter at 8701 and 8450 (not shown).
The break in the triangle pattern help determine it was a good short.
The break of the regression line also further added to determining this would be a good short to go into.
Targets were hit early this morning when I woke up.
It is hard for me to FOMO into things when I trade consistently based on a strict strategy. The market is pretty forgiving for now on small mistakes.
From a macro stand point - the dip seems to be related to Binance and news of Japan warning of their lack of registration. This is somewhat ridiculous given that Binance has been in talks with regulators since the China FUD.
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.