Bitcoin this week using Professional Trading Strategies Ebook
lets start:
we are in an uptrend, 2 or more higher low/highs,
we currently are in a stage 2 uptrend,
we are forming a top at around $8000 and retesting it, forming an ascending triangle and hopefully we can break it,
we are close to the 200 ema so we will need more confirmation then a entering upon break of the prior high,
my analysis based on professional trading strategies would be, wait for the new higher high to completely form, let it retest level 2 support at around $7275 ( if you want to enter then you can wait for proper pattern to form also you might have to look into a smaller time frame for an entry if we retest this price range in one candle or you can be patient and watch the daily chart for a proper pattern to form )
if we retest level 2 support, break the 200 ema and the ascending triangle my first target will be 8424, second 9214, i dont think first pivot at 8177 will be a resistance if we break the 200 ema, the 200 ema is a big accomplishment and we will definitely see a lot of traders coming back into the market and a lot of " fomoers "
if we cannot break the ascending triangle resistance, we might be in a stage 3 distribution, where it could be double top and maybe a triple top retest. if we break the upward trend line and break last pivot at $6748, we might be in the begging of a stage 4 downtrend retesting previous pivot at $6456, $5853 until we go back into a stage one and wait for a double bottom and wait for the stage 2 uptrend starts all over again,
my position would be long since we are in an uptrend, we still dont know if the stage 2 uptrend is still in play or we are in the beginning of the stage 3, we need more data to make an informed call,
be safe traders and shootout to Jared Wesley ;)
we are in an uptrend, 2 or more higher low/highs,
we currently are in a stage 2 uptrend,
we are forming a top at around $8000 and retesting it, forming an ascending triangle and hopefully we can break it,
we are close to the 200 ema so we will need more confirmation then a entering upon break of the prior high,
my analysis based on professional trading strategies would be, wait for the new higher high to completely form, let it retest level 2 support at around $7275 ( if you want to enter then you can wait for proper pattern to form also you might have to look into a smaller time frame for an entry if we retest this price range in one candle or you can be patient and watch the daily chart for a proper pattern to form )
if we retest level 2 support, break the 200 ema and the ascending triangle my first target will be 8424, second 9214, i dont think first pivot at 8177 will be a resistance if we break the 200 ema, the 200 ema is a big accomplishment and we will definitely see a lot of traders coming back into the market and a lot of " fomoers "
if we cannot break the ascending triangle resistance, we might be in a stage 3 distribution, where it could be double top and maybe a triple top retest. if we break the upward trend line and break last pivot at $6748, we might be in the begging of a stage 4 downtrend retesting previous pivot at $6456, $5853 until we go back into a stage one and wait for a double bottom and wait for the stage 2 uptrend starts all over again,
my position would be long since we are in an uptrend, we still dont know if the stage 2 uptrend is still in play or we are in the beginning of the stage 3, we need more data to make an informed call,
be safe traders and shootout to Jared Wesley ;)
Comment:
idk why wrote "forming a top at $8000" i wanted to say top at "$7775"