Hello Friends,
We have a bull flag on the 4hr and the measured move up is 1.618% of wave 1. Look for a retracement within the confinements of the flag before you long or watch for a breakout of the upper flag trendline. Leave some wickery room for your stop and don't overleveage. Keep proper risk management in play without FOMO interferances.
There is a chance that the flag is a fake out, if that is the case then we may have a completed wave 3 and we will be looking for an ABC correction.
Take a short on the lower trendline of the flag once you confirm a breakdown of structure. Use the 4hr TF and wait for the retest before you commit. The target will be previous resistance now turned support. However BTC does like to at times go for other support levels, so keep that in mind with a trailing stop for the potential of more then expected profit.
Enter this trade at your own risk backed up with your own research.
Good Luck!
Cheers!
We have a bull flag on the 4hr and the measured move up is 1.618% of wave 1. Look for a retracement within the confinements of the flag before you long or watch for a breakout of the upper flag trendline. Leave some wickery room for your stop and don't overleveage. Keep proper risk management in play without FOMO interferances.
There is a chance that the flag is a fake out, if that is the case then we may have a completed wave 3 and we will be looking for an ABC correction.
Take a short on the lower trendline of the flag once you confirm a breakdown of structure. Use the 4hr TF and wait for the retest before you commit. The target will be previous resistance now turned support. However BTC does like to at times go for other support levels, so keep that in mind with a trailing stop for the potential of more then expected profit.
Enter this trade at your own risk backed up with your own research.
Good Luck!
Cheers!
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