On the 30m timeframe, BTC has been forming since yesterday a very defined symmetrical triangle which itself is a part of a bullish pennant.
This indicates that it is very likely to break up, but if it breaks down, it's still definitely tradeable.
If it goes up, our target is the blue line, which is the huge wedge formed on 4h timeframe (already given me 3 profitable shorts using it as entry, since its a big resistance). It's also the strong 1 fibonacci line, so it's a very good target. I will definitely short from there as well. Right now it sits at around 7420, but it changes every 4 hours so you need to adjust.
If it goes down, the target is at the very least 7210, which has been a good bouncing place yesterday, but I would only take out half the position, since at least a small correction is due for this small rally we've had these past few days.
As usual, trade safely and use SL as needed.
If you found this useful, please follow my twitter and thumb me up here! safe trades!
This indicates that it is very likely to break up, but if it breaks down, it's still definitely tradeable.
If it goes up, our target is the blue line, which is the huge wedge formed on 4h timeframe (already given me 3 profitable shorts using it as entry, since its a big resistance). It's also the strong 1 fibonacci line, so it's a very good target. I will definitely short from there as well. Right now it sits at around 7420, but it changes every 4 hours so you need to adjust.
If it goes down, the target is at the very least 7210, which has been a good bouncing place yesterday, but I would only take out half the position, since at least a small correction is due for this small rally we've had these past few days.
As usual, trade safely and use SL as needed.
If you found this useful, please follow my twitter and thumb me up here! safe trades!