Bullish Wolfe Waves forming on Bitcoin. 4 -> 5 broke the wedge with decent volume. Being conservative, I would expect wave 5 to reach the green rectangle.
Using leverage is up to you.
Using leverage is up to you.
Note
Clean breakout from the wedge with a solid 1- hour candle.We are left with two possible scenarios for our bullish narrative; either keep going up, or take out the equal highs marked with a dollar sign then retest the broken trend with low volume (which is what I prefer) and shoot up.
Note
Zooming into the breakout candle, we can see that in has a mini re-test already enclosed within it in 15 minute candles (sorry my lines are a bit inaccurate, I spilled soda on my mouse!) which is a positive sign of a clean breakout.Trade active
Make sure to book your profits as soon as we reach the main target area as the Value Area Low of the 4-hour range we have been trading in the past three weeks or so rests at $23,750 (at the time of updating) and it is very likely to see reactions (reversals / bounces, or simply having them shot through) to these levels especially at such time frames and for such long ranges.Note
Smashed through the equal highs and the supply at bearish order block and FVG stack (5m chart) all taken.Trade closed manually
WOW! Market price didn't reach my SL on ByBit so I was give a lifeline. Exited with enough profits to cover derivative fees.
Closed.
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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.