philipraytburg

BTC Zoomed Out Fractal Play

Long
BITFINEX:BTCUSD   Bitcoin
Just a quick idea of a fractal I noticed on the weekly chart. One of the best pieces of advice I've heard was "when in doubt, zoom out." Easy to get caught up in intra-day trading and FOMO. Weekly RSI is bottomed out and we're approaching the end of the triangle formed by the master trend line (bottom yellow line) and downward channel trend (top yellow line). Over the course of the next few weeks, I expect good things regardless of if BTC hits 8.8-9k or even possibly less. Of course, if this breaks we'll have to reconsider the strategy, but it does look fine here.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.