During Bitcoins
BTCUSD
last retracement, the .5 fib level failed to break. Eventually leading us to the large leg up that we just witnessed. This was a very bullish move for BTC, as the downward trendine was now broken, and we have formed a higher high.
Short term I am very BULLISH.
I expect us to retest the top of the long term channel once again.
However, I believe this bullish activity is going to be short lived.
As we all know the top of the channel will likely hold a massive amount of resistance.
Not only that, we have ABCD pattern that is forming on the 1 day chart, which just happens to fit perfectly within the channel.
We also have a possible harmonic formation on the smaller time frames. Which is somewhat ironic, because its completion also rests right on the 1.618
Summary on my position:
I am currently BULLISH. However, if we make it to the 1.618 we will likely hit a massive amount of resistance. Therefore I am preparing myself for another short position.
I will try to update on my position as frequent as possible!
I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
BTCUSD
last retracement, the .5 fib level failed to break. Eventually leading us to the large leg up that we just witnessed. This was a very bullish move for BTC, as the downward trendine was now broken, and we have formed a higher high. Short term I am very BULLISH.
I expect us to retest the top of the long term channel once again.
However, I believe this bullish activity is going to be short lived.
As we all know the top of the channel will likely hold a massive amount of resistance.
Not only that, we have ABCD pattern that is forming on the 1 day chart, which just happens to fit perfectly within the channel.
We also have a possible harmonic formation on the smaller time frames. Which is somewhat ironic, because its completion also rests right on the 1.618
Summary on my position:
I am currently BULLISH. However, if we make it to the 1.618 we will likely hit a massive amount of resistance. Therefore I am preparing myself for another short position.
I will try to update on my position as frequent as possible!
I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Yorum:
IF we smash through resistance, the Three-Drive Target Zone will be in play
İşlem aktif:
Closed Long at 6180, Entered Short at 6120
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
