Bitcoin Weekend Trade Set-Ups
It looks like we should get an interesting trade coming up here
quite soon.
Failure to hold on to 8300 will most likely force it back to the
lower parallel of the continuation pattern shown at the
bottom of this decline.
On the downside we need to see a break below the lower
small rising parallel and the support line 8230 to trigger the
next short back to 7946 and potentially lower still, to
7817-7800 range. The next important support below here lies
at 7584.
And on the upside, it's had 4 waves up - it should struggle at
the big dynamic again at around 8368 on Coinbase now.
Obviously any break above the uppermost falling medium
term dynamic would be very bullish- and we will have to
follow it long if we see it happen - again it will need a volume
burst to achieve this, as usual.
It is possible. But the truth is it should come off. it's Bitcoin.
If looking to trade this today try to keep an open mind for the next hour or two and follow the break when it eventually comes, watching for a volume spike behind it to confirm.
It looks like we should get an interesting trade coming up here
quite soon.
Failure to hold on to 8300 will most likely force it back to the
lower parallel of the continuation pattern shown at the
bottom of this decline.
On the downside we need to see a break below the lower
small rising parallel and the support line 8230 to trigger the
next short back to 7946 and potentially lower still, to
7817-7800 range. The next important support below here lies
at 7584.
And on the upside, it's had 4 waves up - it should struggle at
the big dynamic again at around 8368 on Coinbase now.
Obviously any break above the uppermost falling medium
term dynamic would be very bullish- and we will have to
follow it long if we see it happen - again it will need a volume
burst to achieve this, as usual.
It is possible. But the truth is it should come off. it's Bitcoin.
If looking to trade this today try to keep an open mind for the next hour or two and follow the break when it eventually comes, watching for a volume spike behind it to confirm.