Bitcoin overview (shortterm)
Updated
Bitcoin is moving in this massive triangle and will sooner or later break out.
Since the ETF decision (30. September) will have a huge impact on the cryptocurrency market,
it will probably help us break out and determine the next direction of BTC.
In this chart you can see important resistance and support lines for your entries/exits.
A breach of 6900-7000 would confirm upside breakout of the triangle with a target of 7500.
A breach of 6150-6100 would confirm downside breakout of the triangle with a target of 5750-5900,
with a high possibility of making new lows.
Further imporant dates to keep in mind:
CBOE futures expiration - 19. Sept
Direxion ETF - 21. Sept
Mt Gox creditors meeting - 26. Sept
SEC Decision on BTC ETF - 30. Sept
CME and Bitmex Futures contracts expiry - 30. Sept
PS: Always have an entry/exit strategy for every scenario.
Preparation is key, by failing to prepare you are preparing for failure.
Sidenotes on how to I would trade this:
I always hedge these triangles so for my positions,
Currently - long since 6240
SL Below 6100
Looking for short 6750-6900
SL above 7000
If one trade reaches Stop Loss don´t take all your profits on the winning trade.
Let the winner run.
Since the ETF decision (30. September) will have a huge impact on the cryptocurrency market,
it will probably help us break out and determine the next direction of BTC.
In this chart you can see important resistance and support lines for your entries/exits.
A breach of 6900-7000 would confirm upside breakout of the triangle with a target of 7500.
A breach of 6150-6100 would confirm downside breakout of the triangle with a target of 5750-5900,
with a high possibility of making new lows.
Further imporant dates to keep in mind:
CBOE futures expiration - 19. Sept
Direxion ETF - 21. Sept
Mt Gox creditors meeting - 26. Sept
SEC Decision on BTC ETF - 30. Sept
CME and Bitmex Futures contracts expiry - 30. Sept
PS: Always have an entry/exit strategy for every scenario.
Preparation is key, by failing to prepare you are preparing for failure.
Sidenotes on how to I would trade this:
I always hedge these triangles so for my positions,
Currently - long since 6240
SL Below 6100
Looking for short 6750-6900
SL above 7000
If one trade reaches Stop Loss don´t take all your profits on the winning trade.
Let the winner run.
Trade active
Huge reaction after testing 6100,seems like it was a massive fakeout.
Since we placed our SL below this magic support line we should be up by
atleast 3% or so.
Take profit, move SL to entry and let the rest run to ~6900.
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