You can see on the 1hr chart that there is a flag and pennant forming, and based on the martin trendline indicator it's been validated as bullish throughout the formation so i think we will see another spike up of a similar amount or magnitude, ~$300 like the previous jump from 64 to now at 67. You can also see on the volume oscillators spikes supporting the bullish price move.
Not sure how long this bullish momentum will carry on but a good time to reevaluate is 6900-7000 and watch for any red candles on the martin trendline, which would indicate a reversal most likely so stop loss at 6681.
Taken in the larger context we are approaching a long set upper parallel with the flag and pennant which i think means we are going to have a breakout from the upper trendline. Or we could get rejected and be heading down with a loss of $22.3. Based on a $1000 account with 100% risk, Risk/Reward ratio is 8.72x so your risk is $22.3 and your potential reward is $281.
Not sure how long this bullish momentum will carry on but a good time to reevaluate is 6900-7000 and watch for any red candles on the martin trendline, which would indicate a reversal most likely so stop loss at 6681.
Taken in the larger context we are approaching a long set upper parallel with the flag and pennant which i think means we are going to have a breakout from the upper trendline. Or we could get rejected and be heading down with a loss of $22.3. Based on a $1000 account with 100% risk, Risk/Reward ratio is 8.72x so your risk is $22.3 and your potential reward is $281.
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İşlem aktif:
Think we're gonna see this fractal play out.
Yorum:
This is a good chart and great author, think this is where we're headed next.
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bitcoin doing its thing again...
