BTCUSD Aug 2022 W.1: Medium-term trend!
Hi friends, I hope y'all had a fantastic weekend ;)
Today, we're looking at a possible bullish trend that's derived from the monthly time frame. On that time frame, the price closed with a bullish reversal candle pattern in the double tops accumulation phase after previously bearish breaking and not retesting the patterns neckline together with the ascending trend line, 50 m.a and bearish crossed short-term m.a's. Usually, when the price has broke and not retested key levels and closes with a reversal candle pattern that faces the targets, it counter-trends to them before it continues the overall trend. With that said, let us take a look at how the bulls and bears might behave in triggering our trades and entirely dis-confirming them.
Bulls: -If the price bearish bounced off the Mini Daily Half a Bat Neckline, 50 m.a and bullish crossed short-term m.a's with a bullish reversal candle pattern close (1st trade signal) that guides the price to bullish break and retest the 1st Daily Key Lvl (2nd trade signal), that will confirm our trades and the price will be rallying for the huge triple bottoms 3-level trend that will probably end on the last take profit point. I call these trades a "Triple Bottom A-E.3 signal".
Bears: -If the price forms a bearish reversal pattern that leads it to bearish break and retest the Mini Weekly Neckline together with the 50 and bearish crossed short-term m.a's, that will dis-confirm our trades, so we'll sit back and wait for another trade signal.
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji.2k1.
Today, we're looking at a possible bullish trend that's derived from the monthly time frame. On that time frame, the price closed with a bullish reversal candle pattern in the double tops accumulation phase after previously bearish breaking and not retesting the patterns neckline together with the ascending trend line, 50 m.a and bearish crossed short-term m.a's. Usually, when the price has broke and not retested key levels and closes with a reversal candle pattern that faces the targets, it counter-trends to them before it continues the overall trend. With that said, let us take a look at how the bulls and bears might behave in triggering our trades and entirely dis-confirming them.
Bulls: -If the price bearish bounced off the Mini Daily Half a Bat Neckline, 50 m.a and bullish crossed short-term m.a's with a bullish reversal candle pattern close (1st trade signal) that guides the price to bullish break and retest the 1st Daily Key Lvl (2nd trade signal), that will confirm our trades and the price will be rallying for the huge triple bottoms 3-level trend that will probably end on the last take profit point. I call these trades a "Triple Bottom A-E.3 signal".
Bears: -If the price forms a bearish reversal pattern that leads it to bearish break and retest the Mini Weekly Neckline together with the 50 and bearish crossed short-term m.a's, that will dis-confirm our trades, so we'll sit back and wait for another trade signal.
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section or in private, I'd love to know your thoughts!
Stay Blessed,
Doji.2k1.
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