Falling Wedge on BTC/USD - Reintroducing the Trading-Guru!

22 Ağu 2020

It's been quite a journey, but I can proudly say that the Trading-guru is back in town. Today we'll be analysing the recent behavior on BTC/USD.

I took a step back and spent a lot of time writing educational trading content for the scanners on the new site. This is now all mostly finished, so expect to find me on Tradingview again. Remember, DMs are open, so if you have any questions for the Trading-Guru just ping me.

Let's take a look at BTC/USD today! After a month of almost zero volatility in July, we are witnessing fantastic trading material in August. Volatility is back up, and a plethora of trading opportunities have arisen.

BTC has seen a beautiful unstoppable trend upwards and is now retracing slightly. It is very normal for an asset to 'cool down' after it grew much over recent times. As traders we are happy to use these opportunities to make some money.

Here on BTC/USD I will suggest a trade along with the trend. We see this falling wedge forming on the 4h, and the most recent wick beautifully confirmed the top resistance line.

This is a signal to me that the resistance will hold, and that we can move to another wave towards the bottom support line. It is difficult to understand if a break-out will happen on BTC so I suggest to trade between the lines for as long as the wedge holds.

On the chart you can find a suggestion for a short position. I suggest to leave the trade slightly higher than $11,200.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

23 Ağu 2020

Not

Not going to lie, that was not the start I was hoping for! The wedge got invalidated really quickly, as BTC suddenly dropped it's volatility massively. Probably it relates with going into the weekend.

I will change it slightly and move from a wedge to a bearish channel to try one more time with this set-up, but with a slightly modified momentum.

Take special note of the confluence with the support line and the horizontal zone at $11250. You can find my new analysis here: