Tenders, Tweets, and Trendlines
Like predicted in my previous article, since the very release of the Coinbase IPO, "COIN", Bitcoin has yet to test new highs.
Consequently, Bitcoin is nearly 45% from the April 13th high, and has spent the last 18 days consolidating into what appears to be a pennant.
Generally, pennants have a higher probability of a continuation than a reversal. However, this pennant is placed just above a very major trendline. In addition, the entire Bitcoin Conference of 2021 was full of nothing but bullish news such as the first country in history to accept Bitcoin as a legal tender! Despite Elon Musk attempting to drive this market down via his Twitter account, I believe we have yet to of seen a real bounce from this nasty market leader.
Major Trendline:
My plan:
I have already entered a small amount that was previously nabbed on the first test of the major trendline.
I am hoping that BTCUSD plays a usual breakout pattern which I have demonstrated on the chart above. Therefore a majority of my bids are sitting at trendlines just above 34k. At this point I will enter the remaining of my position with periodic stops to reduce exposure if needed.
IF BTC breaks and stays below the 0.236 at 33.4k I would say we have a lot to worry about.
IF BTC fails to retest bottom support and breaks back above the pennant resistance, I will enter the remaining of my position manually.
Remaining optimistic, I have my primary target set at 42k and will adjust based on the performance.
Wish you all the best of luck!
Consequently, Bitcoin is nearly 45% from the April 13th high, and has spent the last 18 days consolidating into what appears to be a pennant.
Generally, pennants have a higher probability of a continuation than a reversal. However, this pennant is placed just above a very major trendline. In addition, the entire Bitcoin Conference of 2021 was full of nothing but bullish news such as the first country in history to accept Bitcoin as a legal tender! Despite Elon Musk attempting to drive this market down via his Twitter account, I believe we have yet to of seen a real bounce from this nasty market leader.
Major Trendline:
My plan:
I have already entered a small amount that was previously nabbed on the first test of the major trendline.
I am hoping that BTCUSD plays a usual breakout pattern which I have demonstrated on the chart above. Therefore a majority of my bids are sitting at trendlines just above 34k. At this point I will enter the remaining of my position with periodic stops to reduce exposure if needed.
IF BTC breaks and stays below the 0.236 at 33.4k I would say we have a lot to worry about.
IF BTC fails to retest bottom support and breaks back above the pennant resistance, I will enter the remaining of my position manually.
Remaining optimistic, I have my primary target set at 42k and will adjust based on the performance.
Wish you all the best of luck!
การซื้อขายยังคงดำเนินอยู่
and we are filled!
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน