This is part 2 of our Bitcoin trade thread. Part 1 can be found here:
While Bitcoin has found ground for now, fortunately for the bears the market is so tense that any cracks will be easy to exploit. The trend is in our favour and we are chasing a crash in the market in the form of a full crypto-style capitulation.
Bitcoin is currently kissing the bottom of the giant falling wedge pattern, which is a classic reversal pattern. Take a look:
However! What we are looking for on the daily is a pattern that plays out all the time in crypto... Bitcoin formed it earlier today:
So... currently we are about half way through wave 5 if we are correctly comparing the situation. I am waiting for price action to consolidate around the current level (as of writing) to then re-short the market due to the resulting consolidative pattern with aim at $4341.30.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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TP 2 HIT!!! Yahoooooooooo
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I've reshorted the market $4440 as BTC failed to find ground above the EMA50 on the 15min chart!
** When I reach a target I never fully close the position, and let a portion (depending on my confidence and risk levels) ride until getting stopped out of the trade (by placing stops at swing highs).
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OK. Looks like we have a bottom range formation based on the price action and volume. So we need to close that short we opened earlier for good measure and wait. Here's the 15 min view:
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Nice consolidation. Would be good to see a test of 5K to put that level to bed and then we can reshort this market with aim at TP3 at $3777.
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Continuation pattern has now formed...
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WE could see the mcap lose another 30% before consolidation on the higher timeframes.
Which means its probably not a bad idea to look a little deeper than TP3 to see what kind of targets we might wanna set (note the crash price)...