The first part of my scenario link below had an Ascending Triangle (in white) and its Pullback (in yellow) (RSI 14 oversold) with a bullish target @ $ 9400 early June.
After that, I consider a bearish reversal at $ 9400 (RSI 14 overbought) with the formation of a taller Rising Wedge (in red) and its bearish target @ $ 6900.
DISCLAIMER: This is not an investment advice.
Do not listen to any "prophet". Invest only what you are willing to lose.
After that, I consider a bearish reversal at $ 9400 (RSI 14 overbought) with the formation of a taller Rising Wedge (in red) and its bearish target @ $ 6900.
DISCLAIMER: This is not an investment advice.
Do not listen to any "prophet". Invest only what you are willing to lose.
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In the immediate future, little Rising Wedge:Trade active
The breakout of the "Little Rising Wedge" as I named it above has gone well, going bouncing on the oblique support of the Rising Wedge of my ideaThe current $ 8400-8500 zone is thus normally a new good entry point (including on altcoins, see related ideas), to get the high resistance of the Rising Wedge:
ATTENTION: I put it however in red dotted lines, to play this long, it is necessary to place your stop loss on the eventual breakout anticipated of the Rising Wedge (sub $ 8400)
Note
Trendline traced with precision, the wick at $ 8300 is not yet bearish ! both on Bitfinex (left chart) and Coinbase (right chart), but the alert is maximum (for the case of a bearish signal sub-$8300):Trade active
Sale at $ 8250 ... buy at $ 7950Too many contradictory signals (bear/bull)...
RSI 14 which can make you think of the bear trap of early November 2017 (fun to see the fast pump BSV a bit reminiscent of the attempt to flip BTC-BCH on the bear trap of 12-11-2017)
But an RSI 14 that can also make think of the other 8 times since 2012
where it has been in its zone of over-buying long term, and which led to strong retracements (see my publication of May 29 dedicated to this indicator)
So even if I just accumulated Bitcoin on this action, I'm not calm and I prefer to refrain from saying more at this point!
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A small chance to get the $ 8250 if the current pattern is an ascending triangle that works its resistance of $ 8000 with tightening the vise by the oblique up purchases:Trade active
Failure on this bearish signal, it feels not good:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.