BitcoinLong
One more breakout trade.
I decided to pick up another position around $422 since this is beginning to look like another bull flag. The breakout will probably bring us to around 490 before the real retrace, as I mentioned in my last idea.
After this follows through, watch volume on the retrace to see if it's a reversal or a bear trap. If the price bumps up against 480-500 and starts making lower highs with lower volume, get ready for another sell-off. Otherwise, it could just be a bear trap. In that case, look for another breakout.
After this follows through, watch volume on the retrace to see if it's a reversal or a bear trap. If the price bumps up against 480-500 and starts making lower highs with lower volume, get ready for another sell-off. Otherwise, it could just be a bear trap. In that case, look for another breakout.
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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.