I have been watching bitcoin today for about 6 hours and have been looking at every different possible scenario, analyzing it, waiting and processing each candle that is printed. I think I have found one of the "big ones". One of the 90% sure this is correct kind of trades, but also that may have a powerful pop even on high timeframe candles. Look at my most recent long posts for more information but the graph really says it all. Long and long bigly.
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Just noticed the beautiful bullish divergence on the RSI as well. Long it up boys. We're about to make some good money.
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Another alternative for the descending wedge is this chart, so if you really want to be careful and sure, but your bids towards the lower end of the green box and wedge. For finex it's about 8080. I believe it may break up here and my entry is 8215 (nabbed that) look at my last bull post for that. Because my entry is low, I have just taken profit and have my stop well in profit. I wouldn't necessarily buy here with no position already.
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Not to mention the descending volume on the descending wedge. Meaning the sellers are running out of steam as we move downward. And the wedge means we are creating lower lows at a slower rate than lower highs, which is bullish. When we break this, it's gonna be champagne popping time.
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I'm using this as my trading journal and to keep track of my trades for statistic and future improvement purposes. For each trade, it's generally recommended that you ALWAYS have a pre-determined stop and have several different reasons on why the trade makes sense. I have provided 4 reasons in this trade. This is a solid trade.
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Feeling like we may just fly like a bat out of hell soon here.We're riding the upper line of the wedge and that is very common before breakouts.
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Also, hidden bearish divergences on the short term should be noted as well. Short time frame RSI divergences can be very useful for finding tops and bottoms.
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Hidden bullish divergence* god damnit lol
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Another bullish view.
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Though if you are long, A tight stop here is recommended. My specialty is shorter term moves and if we do not move up here soon and on volume, this ascending triangle that I just posted could be broken down and invalidated in which case we may see 8.1k before moving up to break out of the bigger wedge again.
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This baby is about to rip
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I'm eyeing 9.5.-9.6 to take profit and then let consolidation happen again to figure out my next move.
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9430 and 9500 are my first profit takers. Think we can get it in one 5 min candle? I do.
Trade closed: stop reached
Trade closed: target reached:
I must've forgotten to update this one but noticed that we have a longer time-frame stop-run as you can see and after dipping to 7.9 ran up to 9.7 almost linearly.