BTC sucessfully broke out of its trading channel and negated the head and shoulders pattern I have shared the past few days. The question is, can we go higher with this momentum? Ultimately we are seeing BTC form a rising wedge on mutliple time frames (red triangle) as well as a coiled up rsi (white triangle formed on indicator). In terms of risk-reward, no play is safe right now. We are approaching an upper resistance which has struck us twice before, several days ago, and 3/25. It proved to be a solid support and now is a solid resistance. If we can break that level around 8300, the next stop is the log downtrend line (dashed blue).
In terms of potential trade ideas, I am looking for either a short at the next resistance (8300) should we see a lack of volume and a reversal candle or if we break the rising wedge. I will go long if we break the resistance and then re-test it at support. Normally I am a less risk-averse trader, but a long here is extremely risky. The market however canmake a massive bullish move should we close above that log downtrend line. For now, BTC should stay somewhat quiet but keep an eye on it.
As always, if you have any questions, comments, concerns: reach out! I would love to have as much engagement with you all as possible, and I plan on doing these updates daily for you all.
In terms of potential trade ideas, I am looking for either a short at the next resistance (8300) should we see a lack of volume and a reversal candle or if we break the rising wedge. I will go long if we break the resistance and then re-test it at support. Normally I am a less risk-averse trader, but a long here is extremely risky. The market however canmake a massive bullish move should we close above that log downtrend line. For now, BTC should stay somewhat quiet but keep an eye on it.
As always, if you have any questions, comments, concerns: reach out! I would love to have as much engagement with you all as possible, and I plan on doing these updates daily for you all.