#Forflies
BTC/USD
Bitcoin could be either trading within a descending triangle or within a descending channel - without another confirmation of the lower trend line, it's hard to tell.
However, the fact that Bitcoin is trading at the upper trend line of that pattern for an extended period of time could actually be a good sign, judging by Bitcoin's past. Bitcoin has been rejected by the resistance between 12000 - 12400 Dollars a couple of times, but breaking above that descending channel/ triangle pattern could be all it takes to also break above that horizontal resistance.
I decided to set a momentum long order above that horizontal resistance. Here are my orders.
Long, 10x
Entry: 12500 Dollars
SL: 12285 Dollars
Targets: I'll close 1/4th at 12710 Dollars, 12810 Dollars, 13060 Dollars, and at 13175 Dollars. My SL is at -17% and my targets are at 17%, 25% 45% and 54% profit.
Note: If Bitcoin pumps past that resistance, I think it's possible that it sees a correction before attempting to break above 13800 Dollars. I'll use that correction to consider setting a momentum long above 13800 Dollars. I'm not doing so yet because I believe it's too early: If Bitcoin doesn't correct before attempting to break above that resistance, it might not have enough steam left to go higher.
https://www.tradingview.com/x/JcmzKS7w/
- @Forflies
-via @ConfluxBot
BTC/USD
Bitcoin could be either trading within a descending triangle or within a descending channel - without another confirmation of the lower trend line, it's hard to tell.
However, the fact that Bitcoin is trading at the upper trend line of that pattern for an extended period of time could actually be a good sign, judging by Bitcoin's past. Bitcoin has been rejected by the resistance between 12000 - 12400 Dollars a couple of times, but breaking above that descending channel/ triangle pattern could be all it takes to also break above that horizontal resistance.
I decided to set a momentum long order above that horizontal resistance. Here are my orders.
Long, 10x
Entry: 12500 Dollars
SL: 12285 Dollars
Targets: I'll close 1/4th at 12710 Dollars, 12810 Dollars, 13060 Dollars, and at 13175 Dollars. My SL is at -17% and my targets are at 17%, 25% 45% and 54% profit.
Note: If Bitcoin pumps past that resistance, I think it's possible that it sees a correction before attempting to break above 13800 Dollars. I'll use that correction to consider setting a momentum long above 13800 Dollars. I'm not doing so yet because I believe it's too early: If Bitcoin doesn't correct before attempting to break above that resistance, it might not have enough steam left to go higher.
https://www.tradingview.com/x/JcmzKS7w/
- @Forflies
-via @ConfluxBot