Get started
Bitcoin
Short

BTC - Something to watch for.

By BMoom
Updated
Two options: Bullish break out from symmetric triangle for a continued short term rally. More likely, a break down of symmetric triangle off TD 8 or 9 daily count, with a head and shoulders pattern and further breakdown to red buy zone.

Note on this next buy zone: I've become very doubtful this next buy zone will be our bottom.
Trade active
I'm still targeting green line as target 1 and possibly blue line as target 2.

Green trend line should coincide with Daily TD 9 and 128D MA, making it very strong resistance. Target price just below $7300.

snapshot
Note
4hr chart may have a short term sell off. Watching for something like below.

snapshot
Note
snapshot
Note
Broke down last night, but I think a bounce here at support and MA with oversold RSI is likely. I may have to reevaluate my targets if this plays out this way.

snapshot
Note
snapshot
Note
I'm inclined to think a break out is coming with golden cross of 50 and 200 on 4hr; however, be extra cautious with the TD9 sell candle on the daily chart. Still going to hold my target of $7300, but a breakout may bring it higher to $7500 area. In that area we should hit overbought daily RSI and TD9 sell candle, so should be a good exit.

snapshot
Note
snapshot
Note
Right on track.

snapshot
Note
A little early, but perfect hit. Now to wait to see if we can push higher or if that is it.

snapshot
Trade closed: target reached
Note
Watching for a decisive close over resistance or breakaway, but the chance of a break out here is looking reasonable/likely.

snapshot
Note
Break out was not decisive and failed to close above resistance. Daily RSI is trending down from over bought on a TD2 candle. If the 2 candle can not decisively close above the 1 candle, then I will expect a significant pull back. If 7K is broken, I will then start targeting lower lows, likely in the 4.5k area.

snapshot
Note
Possibly something to watch for.

snapshot
Note
Breaking out.

snapshot
Note
Channel broke

snapshot
BTCBTCUSDChart PatternsTechnical IndicatorsTrend Analysis
BMoom

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.