Why It is important not to trade before breakout....compare pattern 3 and 4....
Pattern 1..
Channel 1 broken......
btc fall from 10900 to 6000
3100 points move
Pattern 2
small channel 2 broken......btc fall from 10700 to 7262..
bearish pattern.... btc was making higher highs but unable to break small top channel and ended up breakin small low channel....sign of exhaustion....
Pattern 3....
Ascending wedge broken ...... btc again moved 1800 points downward....bearish pattern
Pattern 4
Another ascending wedge...but broken upwards....unepected sudden move.... moved above trendline with very high volume....a move from 6870 to 9740....take a look at pattern 3 and 4...both look similar but take a look...they both gave breakout in opposite directions.....
Pattern 5
Another pattern forming....remember and compare the previous patterns......never ever trade without a breakout.....we have never retested blue trendline after the breakout....lets see if btc moves back to retest blue trendline....
learning when not to trade is more important......sometimes doing nothing is the best strategy
Pattern 1..
Channel 1 broken......
btc fall from 10900 to 6000
3100 points move
Pattern 2
small channel 2 broken......btc fall from 10700 to 7262..
bearish pattern.... btc was making higher highs but unable to break small top channel and ended up breakin small low channel....sign of exhaustion....
Pattern 3....
Ascending wedge broken ...... btc again moved 1800 points downward....bearish pattern
Pattern 4
Another ascending wedge...but broken upwards....unepected sudden move.... moved above trendline with very high volume....a move from 6870 to 9740....take a look at pattern 3 and 4...both look similar but take a look...they both gave breakout in opposite directions.....
- Lesson learned ....never trade a pattern before breakout
Pattern 5
Another pattern forming....remember and compare the previous patterns......never ever trade without a breakout.....we have never retested blue trendline after the breakout....lets see if btc moves back to retest blue trendline....
learning when not to trade is more important......sometimes doing nothing is the best strategy