During Bitcoins
BTCUSD last retracement, the .5 fib level failed to break. Eventually leading us to the large leg up that we just witnessed. This was a very bullish move for BTC, as the downward trendine was now broken, and we have formed a higher high.
Short term I am very BULLISH.
I expect us to retest the top of the long term channel once again.
However, I believe this bullish activity is going to be short lived.
As we all know the top of the channel will likely hold a massive amount of resistance.
Not only that, we have ABCD pattern that is forming on the 1 day chart, which just happens to fit perfectly within the channel.
We also have a possible harmonic formation on the smaller time frames. Which is somewhat ironic, because its completion also rests right on the 1.618
Summary on my position:
I am currently BULLISH. However, if we make it to the 1.618 we will likely hit a massive amount of resistance. Therefore I am preparing myself for another short position.
I will try to update on my position as frequent as possible!
I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
BTCUSD last retracement, the .5 fib level failed to break. Eventually leading us to the large leg up that we just witnessed. This was a very bullish move for BTC, as the downward trendine was now broken, and we have formed a higher high.Short term I am very BULLISH.
I expect us to retest the top of the long term channel once again.
However, I believe this bullish activity is going to be short lived.
As we all know the top of the channel will likely hold a massive amount of resistance.
Not only that, we have ABCD pattern that is forming on the 1 day chart, which just happens to fit perfectly within the channel.
We also have a possible harmonic formation on the smaller time frames. Which is somewhat ironic, because its completion also rests right on the 1.618
Summary on my position:
I am currently BULLISH. However, if we make it to the 1.618 we will likely hit a massive amount of resistance. Therefore I am preparing myself for another short position.
I will try to update on my position as frequent as possible!
I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Note
IF we smash through resistance, the Three-Drive Target Zone will be in playTrade active
Closed Long at 6180, Entered Short at 6120
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.