BTCTUSD trade ideas
End of Distribution phase - high probability of trend reversalWe just got out of rising wedge formation ( 4H candle must close below formation support). According to Wyckoffian logic (google: wyckoffian logic distribution accumulation on images) we had a failed rally 30 May and are on the way down. Short term we may test MA200 4H, long test the marked fibonacci level. Please check for additional ideas on the chart.
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Thank you and godspeed to all.
Bitcoin is in a tightening range (triangle formation)Ciao Traders,
As highlighted in the chart bitcoin is in a triangle formation which is a continuation pattern of the downhill seen yesterday, but coution and stop loss is a must since bitcoin has often proven of not caring about chart patterns.
On a larger scale H&S formation which is bearish as well.
I would short about 7400/7500 USD with a tight stop loss because a push to the upside can easily lead us again above 8k levels.
Not financial advise, just keep in mind these 2 trendlines in 30 min and 1 hour chart and follow the trend.
TUSD/BTC - ELLIOT WAVES There are 2 targets. The third I consider it extreme and I wouldn't count for it, but who knows. Those two targets should be a nice spot to accumulate BTC. There will be a reaction on the first and eventually on the second target(if it gets to the second target), so you can trail your position and lose nothing.
Disclamer: Not a financial advice.
TUSD is going down, so what bitcoin does?On this chart you can see the mirror quotes of BTC and TUSD ( BTC - yellow thick line, TUSD - blue thin line).
On the smaller time-frames - there is a clearly visible rising wedge on TUSD, which tells us about an upward movement for bitcoin near time.
Various oscillators shows the same way, on the other hand - MACD on BTC shows strong bullish convergense.
So while everyone panic , we're buying ..
I hope you enjoy this chart.