BITCOIN MAKES CLASSIC DEAD CAT BOUNCE
As you can see in the chart, this is a very simple setup:
When we look at the big picture, we have a dead cat bounce breakout retest pattern.
As confirmation, we have a clear RSI bearish divergence and a descending triangle, which can be a good entry point.
As targets we have the clear support levels and we set an stop loss at the last swing high, so in case the price goes against the position, we protect our capital.
Sticking to ideas when proved wrong can be a very expensive mistake. Always be ready to change your mind.
When we look at the big picture, we have a dead cat bounce breakout retest pattern.
As confirmation, we have a clear RSI bearish divergence and a descending triangle, which can be a good entry point.
As targets we have the clear support levels and we set an stop loss at the last swing high, so in case the price goes against the position, we protect our capital.
Sticking to ideas when proved wrong can be a very expensive mistake. Always be ready to change your mind.
Trade active
Going as planned,I would consider adding to the position and moving the stop to entry.
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.