Looking at the 4-hour chart of Bitcoin. I had a descending triangle that has recently broken downwards. However, what I thought was a descending triangle appears to be rising wedge. This does not change the sentiment that we are bullish Bitcoin. It only changes the price targets. $40200 remains valid, not as the target of the descending triangle but as historical support. However, I see $44536 as a strong support line based on the big drop on 4 December. If that line breaks, then I will be setting up buy orders at lower levels. If we break the top of the falling wedge before we break $44536, then we look for entry points above both. I will update this as things unravel.
You can view this chart with live price and my updates here.
You can view this chart with live price and my updates here.
Trade active
Bitcoin breaks out off the top of the triangle. This is what I was talking about in stream that when this happens, we start looking for entries. Right now we are very close to the support line, so entering here makes sense. The stop loss would be below the swing low at $45350.The short-term bull target is $52000, that is the top of the falling wedge. This makes the trade a 1:1 risk-reward ration which is not lucrative. But the mid-term target is $60000 when we zoom out a bit with the same stop loss. Will show charts in detail in the stream tonight.
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.