Bitcoin is once again stretching at the top of a big bullish channel. But RSI is getting tired so we need a short plan.
Using a 1-2-3 strategy, we should aim for fibo targets within the bullish channel, with the expectation of a quick visit to the bottom of the channel. Be advised we also have a previous bull channel which offers support for a bounce depending on the intensity of the selloff.
If we fail to breach the current downturn formation to the upside, we can set a MIN TP of $7486 and then let it ride all the way to the MAX TP at $6829.50. Here is a closer look:
Alternatively, if we break the all time high and follow through to $8425, we will visit $9421 followed by targets between $10250 and $11800.
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Ok... if we get stopped out its only a small loss.
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Nice!
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Hahaha. Double fakeout! We can play along...lets see if we get a breach of the pivot line again.
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Let's try this again. Its only 2% loss if we get stopped out. You want to move your stop to entry once your back at the pivot to make things risk free, though, remember!
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BTC is a beast!
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Third time's a charm?
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Oh my we are trading above the bull channel... I had to go long to cover my shorts. The last time we traded above the big channel like this, it was short lived with an abrupt trend change. But shorting above the channel is dangerous as it could go parabolic. Good luck to you guys. Lol
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Here's the play by play for the beginning of the last corrective move.
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$9000! Holy S**T. $9219 is a confluence area for those of you who are long. BUt the secondary bull channel is resistance now. Oddly, the bearish divergence on the 4HR has disappeared...LOL
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KISSED $9421. Above that its veryyy bullish
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We are now at the top of the secondary channel and see some selling but its till super bullish. Let's watch for a rejection at the confluence zone at 10K
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RSI is getting a little tired on these TFs, let's watch for a rising wedge reversal.
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BTC looks set to break the tertiary wedge. Be careful around the fibo extension lines here (solid channel lines).
Erik, great TA's and love your style too! Definitely suits your nickname, it has a great "syndicate" feel to it, if you're around my age, you'll know what I mean ;)
I had spotted bearish div both on 4hr and daily charts, but btc is defying the laws of gravity. Hope it does not end in a tragic way tho ;)
Trader6127
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@alpakal, Thanks! This market is poised for a correction...I guess it all depends on the catalyst that triggers it.
AndyinBrixton
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I like your work too, fellar - fab charts :). If you get a few mins might be worth checking DGB pretty soon.