Looking at the 1H chart we can see that BTC still ranging withing the main Triangle we talked about in the last a few posts. but since the market is slow and it may take weeks before it breaks out to either direction, we can still trade the current market with low risks.
as you can see we are forming a nice Triangle ( not a bear flag as many people think) now, usually after the break out of such triangle the price moves quicker. but where to ? no body know's for sure and you shouldn't care.
we should wait for the direction of the break out and ride along, if get a CLEAR close signal DOWN then we short BTC and aim for that up trend as our TP.
if price breaks out the other direction we set targets for our TP at the down trend line in blue then the horizontal resistances line.
price may break the blow trend line and keep bouncing between the Resistance/Support lines. so depending on the price action we could trade every wave of it. look for price action such as Inside Bar or Pin bar at support /resistance line to make your decision.
as you can see we are forming a nice Triangle ( not a bear flag as many people think) now, usually after the break out of such triangle the price moves quicker. but where to ? no body know's for sure and you shouldn't care.
we should wait for the direction of the break out and ride along, if get a CLEAR close signal DOWN then we short BTC and aim for that up trend as our TP.
if price breaks out the other direction we set targets for our TP at the down trend line in blue then the horizontal resistances line.
price may break the blow trend line and keep bouncing between the Resistance/Support lines. so depending on the price action we could trade every wave of it. look for price action such as Inside Bar or Pin bar at support /resistance line to make your decision.
Trade chiuso: obiettivo raggiunto:
as said before , we broke out the triangle and went straight to the support trend.
