🟢 BTC/USD is ready to move fast!
BTC/USD is doing a rising wedge in the middle of the last rally. Last time we've seen this same pattern (november 7th) was broken up and the price moved fast to the $90k zone.
Right now, we have 3 scenarios:
🟢 The most posible scenario, an upside break to see the price reaching the $100k soon. This kind of pattern is bullish and usually breaks upwards with a strong rally.
🟡 Sometimes, the pattern breaks down. Would this happen, the price will have a major support in the 86-87k$ zone. While we trade over those prices, we can only wait to see what pattern is unfolding. Could be both, bullish or bearish!
🔴 If the yellow scenario happens and BTC also loses the 86k$ area, we would be in front of a major sell-off of bitcoin that could potentially move the price to the 7Xs zones.
Stay tunned!!
How to trade this scenario?
I would recommend you to stay away of this kind of scenario, it's too open.
Anyway, a good way is to buy near the yellow line with tight stop loss and a large TP under $100k.
If you want to short the BTC could be like a suicide, but you could do it once the yellow line is broken and you should see a decrease to the 87k$ zone. The risk return ratio is quite bad but it's true that this must be an extremely fast movement to do some profits.
BTC/USD is doing a rising wedge in the middle of the last rally. Last time we've seen this same pattern (november 7th) was broken up and the price moved fast to the $90k zone.
Right now, we have 3 scenarios:
🟢 The most posible scenario, an upside break to see the price reaching the $100k soon. This kind of pattern is bullish and usually breaks upwards with a strong rally.
🟡 Sometimes, the pattern breaks down. Would this happen, the price will have a major support in the 86-87k$ zone. While we trade over those prices, we can only wait to see what pattern is unfolding. Could be both, bullish or bearish!
🔴 If the yellow scenario happens and BTC also loses the 86k$ area, we would be in front of a major sell-off of bitcoin that could potentially move the price to the 7Xs zones.
Stay tunned!!
How to trade this scenario?
I would recommend you to stay away of this kind of scenario, it's too open.
Anyway, a good way is to buy near the yellow line with tight stop loss and a large TP under $100k.
If you want to short the BTC could be like a suicide, but you could do it once the yellow line is broken and you should see a decrease to the 87k$ zone. The risk return ratio is quite bad but it's true that this must be an extremely fast movement to do some profits.
Trade active
The Chart Pattern has broken upwards, so be ready for another mini-rally.Trade closed: target reached
And there we go! A rally is now unfolding after the break of the pattern.
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.