Price tested past $37.5k, immediate reversal (seen in the ABCD Triangle Pattern)
Reconsolidated back up to the $37.5k level and held from Nov 10th to Nov 12th where after the third test of the new high, the downtrend took hold.
Since price didn't continue to rise, the forward motion essentially formed a wedge. That wedge drove price down, it must move somewhere, and if the upside is being rejected, what option does that leave?
Cant go over it, cant go through it... gotta go under it.
I plan to continue to watch this touch of the EMA(50) and look for possible long entries.
Ideally, Long to the $37.5k level again. We know BTC will test it, but will it surpass it?
The main trade would be: [ that EMA(50) test to $37.5k ]. Take Profits then hold a small portion to see if we break the 'High'.
Reconsolidated back up to the $37.5k level and held from Nov 10th to Nov 12th where after the third test of the new high, the downtrend took hold.
Since price didn't continue to rise, the forward motion essentially formed a wedge. That wedge drove price down, it must move somewhere, and if the upside is being rejected, what option does that leave?
Cant go over it, cant go through it... gotta go under it.
I plan to continue to watch this touch of the EMA(50) and look for possible long entries.
Ideally, Long to the $37.5k level again. We know BTC will test it, but will it surpass it?
The main trade would be: [ that EMA(50) test to $37.5k ]. Take Profits then hold a small portion to see if we break the 'High'.
Note
Biiiiiiiiiiiiig moving! I was worried we would see BTC bounce off the ema(50) and retest that $37.5k level before selling lower. But, it didnt! Expecting a slow bottom and reversal to eventually play into a sort of cup and handle formation.
Based off pure chart analysis I would stay away from any long term trades and swings.
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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.