BTC is printing Adam and Eve double bottom pattern and may produce a sizable rally if $4240 is broken.
This rally is limited by:
a) broken trend line - so it is just re-testing it before further drop.
b) broken descending triangle bottom line at $5800
I have outlines exit points on a chart.
Entry is at $4240 break and re-test.
Keep in mind that bullish trend line was broken, so BTC is no longer in a bullish trend. It can go sideways or drop further after TL retest.
Disclaimer, trading BTC is VERY RISKY as its involvement in real economy is near zero. Therefore it is prone for all sorts of manipulations by big money.
This rally is limited by:
a) broken trend line - so it is just re-testing it before further drop.
b) broken descending triangle bottom line at $5800
I have outlines exit points on a chart.
Entry is at $4240 break and re-test.
Keep in mind that bullish trend line was broken, so BTC is no longer in a bullish trend. It can go sideways or drop further after TL retest.
Disclaimer, trading BTC is VERY RISKY as its involvement in real economy is near zero. Therefore it is prone for all sorts of manipulations by big money.
Comment:
THE trend line or even a channel:
Comment:
TP1 $5000 reached. Time to ensure the profit by putting trailing SL and taking a portion of profit.
Trade closed: target reached:
SUCCESS. Second TP got hit today at $5300 - double bottom pattern target. Third target is not guaranteed so be careful. Use trailing SL.
Comment:
TP2 gave around 23% from $4200 to $5300. What else want from a trade. No need to be greedy. Next is to try to short BTC in $5800 - $6000 level if we get there and see rejection.