Bitcoin Megabull: Contracting Corrective Wave
Updated
After making new ATH's and consolidating for over a month now, Bitcoin is finally settling. This has allowed the 4H 6H 12H 1D Bollinger Bands to tighten and as we near the end of the contracting triangle we can expect a big move. Placing your position when this pattern completes and breaks out is the safest course of action on non-conventional assets such as Bitcoin.
If longing at point E, you're going to want to keep a tight stop loss in the event that the support fails and we break downward.
Refer to related idea for our long term view of Bitcoin price growth.
If longing at point E, you're going to want to keep a tight stop loss in the event that the support fails and we break downward.
Refer to related idea for our long term view of Bitcoin price growth.
Trade active
Price has broken out of the wedge. Now for the 4h candle to close outside the bollinger bands, to confirm the bullish trend.Note
Bought the dip.Trade closed: stop reached
Broken support.
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