Over the past couple weeks, we have seen overall sentiment of the market gradually switch to bear.
Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons:
- Currently above weekly S1 pivot support.
- Volume Extension showing seller exhaustion
The Trade:
With the overall sentiment changing to bear, this may not hold true.
However the fractal and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons:
- Currently above weekly S1 pivot support.
- Volume Extension showing seller exhaustion
The Trade:
- Entry 1: 9400
- Confirmation: 11150
- Entry 2: 11150
- Target: 17000
- Stop/Loss: 9050
With the overall sentiment changing to bear, this may not hold true.
However the fractal and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
Trade active
This upward swing has me remaining positive.Note
was this recent cross a bull trap?I still think this pennant has a possibility of playing out.
If so major support would be around 9800
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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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.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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.