BTC bounce was predicted , what is next ?
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If you saw my last analysis on btc
i said that reversal was not it , and worse was coming . if you look closely on the prev post you can see a trend line in RED which is the line you see on this post. price bounced back up really nice from there. this trend line has held since Nov - 2017 juts that some traders DID NOT see it. but it lines up perfectly. the bounce was mainly due to touching is support trend and has nothing to do with the horizontal support.
now if you look at the bigger picture of BTC on the daily chart. you can see that the price has been consolidating within the triangle.
what i expect NEXT for btc is the ups and down whiting that tight area of the triangle , i do not expect much movement till we break the triangle in one direction or the other. and once we do break the triangle you will see crazy volume in the market. it's either going to be a rocket to moon of a did beard from the sky. it won't be as slow as within the triangle.
so what can we do now ?
from now till we get a confirmation on the break of this Triangle you could have short term trades within the triangle. remember to keep a TIGHT STOP because the market will be too fast when it breaks.
i said that reversal was not it , and worse was coming . if you look closely on the prev post you can see a trend line in RED which is the line you see on this post. price bounced back up really nice from there. this trend line has held since Nov - 2017 juts that some traders DID NOT see it. but it lines up perfectly. the bounce was mainly due to touching is support trend and has nothing to do with the horizontal support.
now if you look at the bigger picture of BTC on the daily chart. you can see that the price has been consolidating within the triangle.
what i expect NEXT for btc is the ups and down whiting that tight area of the triangle , i do not expect much movement till we break the triangle in one direction or the other. and once we do break the triangle you will see crazy volume in the market. it's either going to be a rocket to moon of a did beard from the sky. it won't be as slow as within the triangle.
so what can we do now ?
from now till we get a confirmation on the break of this Triangle you could have short term trades within the triangle. remember to keep a TIGHT STOP because the market will be too fast when it breaks.
Nota
WE need this daily candle to close above the trend line for this set up to have a better probability of being valid . a bullish pin bar kind of candle will be the BEST sign for this setup. for non aggressive traders you may wait for the close to enter. your stop loss should be a lil under the last low and your TP somewhere around the 7700-8500.Nota
we picking up real good here. now if you haven't entered this trade yet just watch for a some retracement on the 1H chart to go long. do not trade without stop loss. your stop loss should be a little under the last low. if we build up a new support line we can move our SL to that support
Nota
If you are in the market yet, look at this chart. a good chance for entry.
Nota
Bulls are very weak. it seems like most traders are still looking for a that PERFECT BOTTOM.as long as we stay above the Major Trend line chances we are going to test the upper side of the triangle ( down trend ). we may re-test the up trend again in a day or two.
if daily close bellow the trend will be the best Signal to SHORT BTC.
Nota
on the last comment i talked about the possibility of retesting the uptrend, we just did , and we bounced up form it again, seems like the trend is holding very well, no surprise as this trend could be the last wall standing in front of the BEARS.Trade chiuso manualmente
approaching some resistance , closed at 7800 which is whiting our main target from 7700- to 8500.i will update soon.
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