BTC - Short or Long?

BTC is about to test the long term wedge reistance with the next 1D candle, so the question is, are we going to break free, or fail to break through and be rejected back to the 6k support? At this stage, we are in a no trade zone, we need to wait to see what BTC's movements are over the next 24-48 hours. At this stage, volume is very low and more indicators say we will be rejected than breakout, however, with the sporadic nature that has become BTC with its random manipulated pumps and the 'bart simpson' pattern. Its too early to say.

So what should we do? We wait. We need to see a definitive breakout or rejection from this long term resistance. If we breakout we have marked on the chart the next resistances and these can also be used for long targets by placing sell orders just before the restitance lines.

Here is a closer look at the mentioned resistance markers-

However, if we do reject from the long term pennant line, we can expect to hit the 6000-6100 mark once more, some short targets would be 6600,6350 and 6150.

NOTE: If we are rejected and find support at the 6k mark, this could be the possible last stand for the 6k mark, if we fail to break the long term wedge resistance here we could be looking at a substancial drop.

Kommentera:

Got a rising wedge forming on the 1H, bear pattern, also bearish RSI divergence, if we test the support it looks like we will fall out of the wedge and could see an incoming dump here wolves, volume is very very low. If we hit 6700 again, we will open a short there with the following targets -

XBT/USD SHORT

SELL@ : 6700

TARGET :

TARGET 1 : 6600
TARGET 2 : 6350
TARGET 3 : 6150
TARGET 4: 5950

STOP : 7050

@everyone

Kommentera:

112% PROFIT - BTC Short margin trade - All targets hit for an 11.20% movement - 112% profit with 10x leverage.