There's breakout of trend line but shape of candle is not so good for Bullish Market.
Let's analysis BTC~
If you are busy, you can just read below briefly
'A. Briefing '
'D. Summary and Strategy'
before read, click '+Thumb up, +Follow' :-)
A. Briefing
. Breakout of trend line on daily chart.
. Hammer -> inverse Hammer
. Descending Broadening Wedges
B. Daily chart
a. Trend
breakout of trend line and then retrace
b. Candle
Inverse Hammer -> but less reliable candle at bottom.
c. EMA
still in reverse order
d. Sum.
it falls down from previous high level and retracing from trend line. however, inverse candle is showing the strength of Sell.
C. 4H Chart
a. EMA
trying to go under 20EMA again.
b. Candle
Shooting Star
c. Pattern
a) 'BAT'
b) 'Descending Broadening Wedge'
d. Elliott Wave
if it falls down under $5755, Elliott waves will be invalid.
e. Sum.
shooting star is quite reliable signal for Sell and patterns like 'BAT', 'Descending Broadening Wedge' are indicating additional drop.
D. Strategy and Summary
a. For aggressive traders
Buy when it is retracing to trend line on daily chart -> now
b. For conservative traders
Buy when the Wedge pattern is broken up-ward.
-> at the moment, there're conflicting explanations on Bullish and Bearish. Breakout of trend line is good signal but there're Inverse hammer, shooting star candles and Descending Broadening Wedge which is usually penetrated down-ward. In this situation, of course it depends on your style of trading but i just recommend trading conservatively.
Trade Safely~~
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
Let's analysis BTC~
If you are busy, you can just read below briefly
'A. Briefing '
'D. Summary and Strategy'
before read, click '+Thumb up, +Follow' :-)
A. Briefing
. Breakout of trend line on daily chart.
. Hammer -> inverse Hammer
. Descending Broadening Wedges
B. Daily chart
a. Trend
breakout of trend line and then retrace
b. Candle
Inverse Hammer -> but less reliable candle at bottom.
c. EMA
still in reverse order
d. Sum.
it falls down from previous high level and retracing from trend line. however, inverse candle is showing the strength of Sell.
C. 4H Chart
a. EMA
trying to go under 20EMA again.
b. Candle
Shooting Star
c. Pattern
a) 'BAT'
b) 'Descending Broadening Wedge'
d. Elliott Wave
if it falls down under $5755, Elliott waves will be invalid.
e. Sum.
shooting star is quite reliable signal for Sell and patterns like 'BAT', 'Descending Broadening Wedge' are indicating additional drop.
D. Strategy and Summary
a. For aggressive traders
Buy when it is retracing to trend line on daily chart -> now
b. For conservative traders
Buy when the Wedge pattern is broken up-ward.
-> at the moment, there're conflicting explanations on Bullish and Bearish. Breakout of trend line is good signal but there're Inverse hammer, shooting star candles and Descending Broadening Wedge which is usually penetrated down-ward. In this situation, of course it depends on your style of trading but i just recommend trading conservatively.
Trade Safely~~
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
Note
at the moment, candle is forming morning star and blocked by 50EMA. Check whether it penetrates 50EMA and upper side of Wedge.
Note
candle touched upper side of Wedge. Keep focusing on the direction of breakout.
This is the end of my idea and comments.
if you got help from my idea, click +Follow, +Agree.\
Thanks~ :-)
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.
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.