Bulls have regained control and setting up another leg up

20 feb 2023

BTCUSD

After the bears' strong attempt to take prices down, the bulls have regained control and an ascending wedge is being formed, suggesting higher prices in the form of a second leg up in the near future.

It's possible that we see the bottom trend line (dotted) be valid, which would extend the range for a longer period of time, but I think the next breakout upwards will likely happen within this week.

My suggestion would be to set a pending order with appropriate risk management and to let the trade play out.

The Prophet of Profits,

The Meditrader

22 feb 2023

Nota

I am giving my SL a little more room, expecting a possible liquidity probe before the move up. We have a nice trend line formed on the hourly which is setting up for a potential breakout and therefore the move up.