Here is my upper and lower bound targets for 2020 from this huge pennant forming on the weekly for
BTCUSD
.
Resistance will be a range from 9902 to 8899
Support will be 4789 to 4038
(Assuming we will approach the limits end of June 2020)
We are at a crucial point right now as we are pretty much in the middle of the range.
My belief which I am using as an assumption is we will fill out this pennant formation so will likely short if hit the top range and long if hit the bottom range and try and scalp in between with smaller position sizes.
I will also have a long setup ready to go just in-case I am wrong and the bulls decide to takeover and push us above the pennant. I believe that if we do push above these upper resistances it will cause FOMO (2017 levels) and will keep moving my stop loss up depending on where the new higher lows form.
In the case of a breakout to the downside I will not short this as I think it will be short lived and can only see something like this happening if someone like Craig Wright (who owns a lot of BTC) bulk sells when we organically go down to the lower levels. In this regard I have setup an automatic trade at long 3000, 2000, 1000 on 3 separate subaccounts to try and catch the falling knife on this highly unlikely opportunity (with low leverage initially). If this happens I might have to start planning early retirement.
I think I have covered all my bases for all scenarios. Feel free to give me some feedback on these levels.
BTCUSD
. Resistance will be a range from 9902 to 8899
Support will be 4789 to 4038
(Assuming we will approach the limits end of June 2020)
We are at a crucial point right now as we are pretty much in the middle of the range.
My belief which I am using as an assumption is we will fill out this pennant formation so will likely short if hit the top range and long if hit the bottom range and try and scalp in between with smaller position sizes.
I will also have a long setup ready to go just in-case I am wrong and the bulls decide to takeover and push us above the pennant. I believe that if we do push above these upper resistances it will cause FOMO (2017 levels) and will keep moving my stop loss up depending on where the new higher lows form.
In the case of a breakout to the downside I will not short this as I think it will be short lived and can only see something like this happening if someone like Craig Wright (who owns a lot of BTC) bulk sells when we organically go down to the lower levels. In this regard I have setup an automatic trade at long 3000, 2000, 1000 on 3 separate subaccounts to try and catch the falling knife on this highly unlikely opportunity (with low leverage initially). If this happens I might have to start planning early retirement.
I think I have covered all my bases for all scenarios. Feel free to give me some feedback on these levels.
Comment:
We have currently approached the upper band and are awaiting confirmation of a crash of bull run from this point.