Mirror Mirror On The Wall... When Will Bitcoin Break Out For All
In my last analysis, I showed how Bitcoin has the potential to break out to the 61.8% pull back level that we've seen it do time and time again.
If you haven't had a chance to read that analysis, check it out here:
In this analysis, I am seeing an exact mirror image flip set-up of the descending traingle at the $6,000 support level from 2018.
In this case, we've got an ascending triangle, which are typically bullish patterns.
Something to watch out for though is a 'long' leverage liquidity grab where they stop hunt long traders.
We saw this exact same move at the $6,000 level before the big move down where a majority of short traders were liquidated out of their positions.
We also hit a 261.8% extension from the swing low and swing high before the break down move which has given us the support at $3400 and is typically a strong reversal point on downward moves for Bitcoin.
If the structure doesn't break down and close below the triangle on the daily chart, we could still see a target at the $5380 level. I used the exact same candlestick set-up from the break down to give an idea of what this might look like (including a stop hunt and liquidity grab for longs.)
Getting some cheeky buy orders at that $3450-$3500 zone may be a savage tactic in case we do get that wick down.
Invalidation of this structure would be a break and close below the triangle support on the daily chart.
Full trade set-up looks like this as well as a potential long buy if we do get that break down wick.
What do you guys think? Are we going to continue following this out until May before we get a break out, or do you see something else in the cards?
If you haven't had a chance to read that analysis, check it out here:
In this analysis, I am seeing an exact mirror image flip set-up of the descending traingle at the $6,000 support level from 2018.
In this case, we've got an ascending triangle, which are typically bullish patterns.
Something to watch out for though is a 'long' leverage liquidity grab where they stop hunt long traders.
We saw this exact same move at the $6,000 level before the big move down where a majority of short traders were liquidated out of their positions.
We also hit a 261.8% extension from the swing low and swing high before the break down move which has given us the support at $3400 and is typically a strong reversal point on downward moves for Bitcoin.
If the structure doesn't break down and close below the triangle on the daily chart, we could still see a target at the $5380 level. I used the exact same candlestick set-up from the break down to give an idea of what this might look like (including a stop hunt and liquidity grab for longs.)
Getting some cheeky buy orders at that $3450-$3500 zone may be a savage tactic in case we do get that wick down.
Invalidation of this structure would be a break and close below the triangle support on the daily chart.
Full trade set-up looks like this as well as a potential long buy if we do get that break down wick.
What do you guys think? Are we going to continue following this out until May before we get a break out, or do you see something else in the cards?
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.