BTC nearing decisive area. To bull or to bear?

29 дек. 2021 г.

Previous Chart:

Congrats on the huge win if you have similar reading or followed my past chart to short from 52000


My plan for today's trade:

Ill make it simple as I am kinda in a hurry.
I might close my short soon, currently on stop profit at 48500, ideally to close it at 45000, then long from there.

BTC is making a descending broadening triangle. Along with the selling pressure, we might retest 45K or else breakup suddenly from this pattern.

I suggest to try hitting a long position at the edges of the triangle while stoch and rsi are in oversold. Very critical to put a stop loss in the 44700 - 45000!
If this area of support breaks, we WILL retest 43000 at best and at worst 40000

If you decide to short, your stop loss should be the top of the flat triangle (48000)

Good luck and thank you for checking my idea!

The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.

1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.

The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision

Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.

Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.

Please support my idea with a like should you find my idea helpful, it will mean a lot to me. Thanks and kindest regards!