Btc: Game over, are we really going down from here?
Only 3 days after the breakout everyone is calling a drop to 7.5k, then 7.1k, even 5.5k.. But is it possible that capitulation is already over now?
Informations to know about Falling Wedge:
- Regardless of the type (reversal or continuation), falling wedges are regarded as bullish
patterns.
- The pattern usually forms over a 3-6 month period and the preceding downtrend
should be at least 3 months old. (In our cases it's around 6 months)
- It takes at least two reaction highs to form the upper resistance line, ideally three. Each
reaction high should be lower than the previous highs.
- Needs to hit at minimum 3 times the lower support line and each drop must be lower
than the previous one.
So do we go up from now?
We are bullish here for sure, but the only question is will bulls managed to hold 7 755 until the next 3d candle close, or will we re-test the bottom of the wedge around 7 250.
Here only time will tell, so i suggest to be extra careful if you are day trading, for long-term hodler i am starting to accumulate more from here (7 800) too 7 250! I have orders placed at every 100$ drop.
My personal plays:
1. Day trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long: 7 735 - 7 785
Sl: 7 600
Target 8 450
2. Mid-term trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long orders: 7 250, 7 330, 7 480, 7 550, 7 620, 7 750, 7 850
Sl: 7 100
Tp: 8 520
Target: 9 400
3. Long-term trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long orders: 7 250, 7 330, 7 480, 7 550, 7 620, 7 750, 7 850
Sl: 7 100
Tp: 9 400
Target: 13 200
Here's my key ingredients for this next part:
- Take profits;
- Don't get emotionnal;
- Don't over trade;
- Use proper Risk Management;
- Stick to your plan (Until invalidation)
And be patient, who knows the next bull rally might be starting!
If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.
Informations to know about Falling Wedge:
- Regardless of the type (reversal or continuation), falling wedges are regarded as bullish
patterns.
- The pattern usually forms over a 3-6 month period and the preceding downtrend
should be at least 3 months old. (In our cases it's around 6 months)
- It takes at least two reaction highs to form the upper resistance line, ideally three. Each
reaction high should be lower than the previous highs.
- Needs to hit at minimum 3 times the lower support line and each drop must be lower
than the previous one.
So do we go up from now?
We are bullish here for sure, but the only question is will bulls managed to hold 7 755 until the next 3d candle close, or will we re-test the bottom of the wedge around 7 250.
Here only time will tell, so i suggest to be extra careful if you are day trading, for long-term hodler i am starting to accumulate more from here (7 800) too 7 250! I have orders placed at every 100$ drop.
My personal plays:
1. Day trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long: 7 735 - 7 785
Sl: 7 600
Target 8 450
2. Mid-term trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long orders: 7 250, 7 330, 7 480, 7 550, 7 620, 7 750, 7 850
Sl: 7 100
Tp: 8 520
Target: 9 400
3. Long-term trading:
Portfolio Risk: 5%, Leverage: x10 - x25
Long orders: 7 250, 7 330, 7 480, 7 550, 7 620, 7 750, 7 850
Sl: 7 100
Tp: 9 400
Target: 13 200
Here's my key ingredients for this next part:
- Take profits;
- Don't get emotionnal;
- Don't over trade;
- Use proper Risk Management;
- Stick to your plan (Until invalidation)
And be patient, who knows the next bull rally might be starting!
If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.