BTC Broadening Wedge Continuation | First Target ~$6,600
Here is my previous post on Twitter showing the 4 bearish signs for Bitcoin that has confirmed my short trade. I will start posting more on TV as well:
https://twitter.com/Crypto_Giant199/status/1184169122625507329
Since the Daily close my trailing stop is now in profit and we have broken down through the channel. I have also been following the progress of a possible formation of a lesser-known continuation pattern in the right-angled broadening wedge. See the link below for more info on how to trade this pattern:
https://excellenceassured.com/trading/trade-chart-patterns/broadening-patterns-wedges
With my stops now in profit, I am waiting to see if we test the lows. I believe many will call for a "Tripple Bottom" or a horizontal "Three Drives" pattern (as many have already been posting about it). This might provide a perfect opportunity for a partial rise trap, slamming down after trapping longs. The pattern has already completed the ABCD, and if resolved, should only be a matter of a few days.
The measured move takes the price to ~$6,600 which could present a frontrunning reversal opportunity for those waiting for the lower 6xxx's. But that is just a thought at this point. I don't like making long term prediction and will just follow my GT System Strategy code (see results on chart and link in "Related Ideas" below for free public access) and trade the trend as it happens. Will update this as the trade progresses.
https://twitter.com/Crypto_Giant199/status/1184169122625507329
Since the Daily close my trailing stop is now in profit and we have broken down through the channel. I have also been following the progress of a possible formation of a lesser-known continuation pattern in the right-angled broadening wedge. See the link below for more info on how to trade this pattern:
https://excellenceassured.com/trading/trade-chart-patterns/broadening-patterns-wedges
With my stops now in profit, I am waiting to see if we test the lows. I believe many will call for a "Tripple Bottom" or a horizontal "Three Drives" pattern (as many have already been posting about it). This might provide a perfect opportunity for a partial rise trap, slamming down after trapping longs. The pattern has already completed the ABCD, and if resolved, should only be a matter of a few days.
The measured move takes the price to ~$6,600 which could present a frontrunning reversal opportunity for those waiting for the lower 6xxx's. But that is just a thought at this point. I don't like making long term prediction and will just follow my GT System Strategy code (see results on chart and link in "Related Ideas" below for free public access) and trade the trend as it happens. Will update this as the trade progresses.
עסקה פעילה:
Boom, there it is. Closed my long from my latest idea when it hit my stop at ~8040. Opened short at 7950 after seeing that pullback last night. The fact that we could not make it back to the top trend line spelt out weakness and the partial rise off of this broadening formation was confirmed. The break occurred within the first hour of the latest 12-hour candle, and we have already seen the same amount of volume that we see in the entire previous 12-hour candle. All and all the break seems confirmed.
Bulkowski shows that the partial rise play works ~60% of the time for a bearish break and so that gave me extra confidence to open the short. It is a smaller position than I usually open because in general, I do not like to short support, but I am in none the less. Might consider adding to the trade if we come back to retest the breakdown (likely), and will bootstrap a trailing stop based off of the GTS. Bulkowski does note that in his findings, only 40% of breakdown patterns reach the measured move, so we will also look for alternative points to close as the price develops. Will keep this updated.
Bulkowski shows that the partial rise play works ~60% of the time for a bearish break and so that gave me extra confidence to open the short. It is a smaller position than I usually open because in general, I do not like to short support, but I am in none the less. Might consider adding to the trade if we come back to retest the breakdown (likely), and will bootstrap a trailing stop based off of the GTS. Bulkowski does note that in his findings, only 40% of breakdown patterns reach the measured move, so we will also look for alternative points to close as the price develops. Will keep this updated.
