AS noted in my previous post, this MONSTER consolidation pattern, aka descending triangle, has been ranging for 10 days now, since that insane run from 300 to 800 in 3 days.
This monster looks primed to break out again. And this is an easy one if it gets going with some good volume.
Breakout: Around 630/650, breaking out of downtrend line of consolidation pattern STOP: below 585, support lows of consolidation Target 1: 800 (61.8% Fib retracement of Aug 17 - 27 decline) Target 2: 900 (old high range)
Good luck!
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MY TRADING METHOD: I keep my analysis simple. Good analysis always is. I use Price Patterns, Moving Averages, and RSI for my analysis. I use the 1 day for trend analysis and 60 minute for trade entry For my Targets I use Fibonacci projections + measured moves Successful trading means proper risk sizing and trading small so you can stay in the game.
评论
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Testing that lower range of the channel. Could breakdown here. Keeping my stop tight. I'm out if it breaks 570/580 range.
It did break the support but now it's coming up real quick . It broke the resistance if I'm not wrong . Is this the big rally or is it just coming back to the level at which is was before the breakdown ?
BerlinTrader591
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Pressure still building in Bitcoin Cash, no breakout yet.
Trader6127
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Great updates! Thx :) I think this one is just part of the overall wedge. I tink the big squeeze will happen when the current wedge runs up against the channel formed by the Aug 6 outbreak low and the Aug 8 high ;)
BerlinTrader591
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@agency, I agree, the likelihood is that we stay in this wedge UNTIL we see a continued move to the upside. That channel is coming into play as we speak. And looks like higher lows within the wedge. I feel the pressure building. Could see a quick drop to knock out the weak hands and then a quick reversal and breakout. That would be even better. Stalking this Bitcoin Cash like a wolf!
Trader6127
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@BerlinTrader591, Mee tooo, as I only caught a quarter of the last run!
Trader6127
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@BerlinTrader591, Its smelling bullish - bought at position at 593