Bitocoin - Broadening Wedge | Trajectory Plotted
アップデート済
Happy Tuesday Evening Traders!
Hope the week started well for y'all.
And I Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
At this time of writing, Bitcoin has created a Broadening Wedge pattern as price dipped towards the 200 EMA (red) and appears to have respected it as support.
TIMEFRAME: 4 Hour
Bitcoin has also found support with the Green Bar but is not above its 120 EMA.
If Bitcoin pushes past its 120 EMA and the breaks further upward from the Yellow resistance bar then price is expected to further revert to the upper resistance line of the Broadening Wedge (White Line, resistance).
Further push out of the Broadening Wedge would mean a very strong momentum for the bulls and the next expected level would be the Pink Bar above (resistance) between 33.4K-34K which corresponds to the resistance line of the Rising Wedge pattern (zoom out for bigger picture)
What then is the next thing to expect?
Now watching the Yellow Bar and 120 EMA (white) as resistance.
The bulls appears to have good strong momentum as it bounced off the support line of the Broadening Wedge which is reflected by the (local) Bullish Divergence printed on the StochRSI.
Small moves such as these are telltale signs of strong momentum from the bulls, although price action is still what needs to be observed, especially as it relates to its EMAs. So yeah, watch the 120 EMA, Bitcoin must stay above it for a bullish continuation after this consolidation period inside this Broadening Wedge pattern.
My strategy?
Plan A: Buying past the 120 EMA, confirmation first when price respects it as support.
Plan B: If Bitcoin dips below the 200EMA, then will wait for any type of further drop in price and will re-strategize (the support line of the Rising Wedge will be the next target if price continues its downwards momentum).
MOMENTUM: Observe this in your trades, this is what determines whether the Bulls or Bears are gaining/losing steam (strength) which signals a reversal alongside with the use of the MACD's zero level and the EMA on the price action.
Use the tools above and create your own rules.
Backtest your rules and its accuracy.
This will train you to identify your next trade set up.
So, hope you are able to find some ideas for your strategy here.
Remember...
No emotions, stick to your rules.
Manage your account, 2%-5% of you trading capital is enough to use in a single trade so you're guaranteed to stay in the game.
Price action is always KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Hit me up with your questions, will be glad to answer them.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope the week started well for y'all.
And I Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
At this time of writing, Bitcoin has created a Broadening Wedge pattern as price dipped towards the 200 EMA (red) and appears to have respected it as support.
TIMEFRAME: 4 Hour
Bitcoin has also found support with the Green Bar but is not above its 120 EMA.
If Bitcoin pushes past its 120 EMA and the breaks further upward from the Yellow resistance bar then price is expected to further revert to the upper resistance line of the Broadening Wedge (White Line, resistance).
Further push out of the Broadening Wedge would mean a very strong momentum for the bulls and the next expected level would be the Pink Bar above (resistance) between 33.4K-34K which corresponds to the resistance line of the Rising Wedge pattern (zoom out for bigger picture)
What then is the next thing to expect?
Now watching the Yellow Bar and 120 EMA (white) as resistance.
The bulls appears to have good strong momentum as it bounced off the support line of the Broadening Wedge which is reflected by the (local) Bullish Divergence printed on the StochRSI.
Small moves such as these are telltale signs of strong momentum from the bulls, although price action is still what needs to be observed, especially as it relates to its EMAs. So yeah, watch the 120 EMA, Bitcoin must stay above it for a bullish continuation after this consolidation period inside this Broadening Wedge pattern.
My strategy?
Plan A: Buying past the 120 EMA, confirmation first when price respects it as support.
Plan B: If Bitcoin dips below the 200EMA, then will wait for any type of further drop in price and will re-strategize (the support line of the Rising Wedge will be the next target if price continues its downwards momentum).
MOMENTUM: Observe this in your trades, this is what determines whether the Bulls or Bears are gaining/losing steam (strength) which signals a reversal alongside with the use of the MACD's zero level and the EMA on the price action.
Use the tools above and create your own rules.
Backtest your rules and its accuracy.
This will train you to identify your next trade set up.
So, hope you are able to find some ideas for your strategy here.
Remember...
No emotions, stick to your rules.
Manage your account, 2%-5% of you trading capital is enough to use in a single trade so you're guaranteed to stay in the game.
Price action is always KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Hit me up with your questions, will be glad to answer them.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
トレード稼働中
ノート
MARCH 18, 2024
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