BTC D1 - RISING WEDGE BREAKOUT IMPLICATIONS !
D1: Rising wedge downside breakout in progress ! As mentioned yesterday
RSI/Sto indicators was showing a potential cross under price action which is
currently on a ongoing progress.
In addition, yesterday's price action triggered a double top formation @ 59'000,
trigger level being @ 56'064, which gives a target @ 53'128
Moreover, Mid Bollinger Band @ 55'589 is under heavy attack,
RISING WEDGE BREAKOUT IMPLICATIONS :
This breakout is opening the door for a move of 7'400 points, targeting 49'575
and will be confirmed by a closing today below the base of this rising wedge.
In the meantime, a pullback can not be ruled out as, usually after a breakout, there
is a natural return towards the breakout level and this on both sides, either for an upside breakout
(pullback in the direction of the former resistance level) or for a downside breakout as it is the case now (pullback
in the direction of the former support level)
Such kind of price action, if seen, should be used as a SELL opportunity in managing Risk Management accordingly !
SUPPORTS & RESISTANCES
S1 : 54'417
S2 : 53'128 (Double top target)
S3 : 53'002
S4 : 51'586
S5 : 49'575 (rising wedge target)
RESISTANCES
R1 : 56'625
R2 : 58'000
R3 : 59'000
R4 : 61'066
CONCLUSION :
As already mentioned we are not any more on a mode of buy on dips but on a SELL ON RALLY MODE !!!
Watch shorter time frames for clues
Have a nice trading day.
All the best and take care
Ironman8848
RSI/Sto indicators was showing a potential cross under price action which is
currently on a ongoing progress.
In addition, yesterday's price action triggered a double top formation @ 59'000,
trigger level being @ 56'064, which gives a target @ 53'128
Moreover, Mid Bollinger Band @ 55'589 is under heavy attack,
RISING WEDGE BREAKOUT IMPLICATIONS :
This breakout is opening the door for a move of 7'400 points, targeting 49'575
and will be confirmed by a closing today below the base of this rising wedge.
In the meantime, a pullback can not be ruled out as, usually after a breakout, there
is a natural return towards the breakout level and this on both sides, either for an upside breakout
(pullback in the direction of the former resistance level) or for a downside breakout as it is the case now (pullback
in the direction of the former support level)
Such kind of price action, if seen, should be used as a SELL opportunity in managing Risk Management accordingly !
SUPPORTS & RESISTANCES
S1 : 54'417
S2 : 53'128 (Double top target)
S3 : 53'002
S4 : 51'586
S5 : 49'575 (rising wedge target)
RESISTANCES
R1 : 56'625
R2 : 58'000
R3 : 59'000
R4 : 61'066
CONCLUSION :
As already mentioned we are not any more on a mode of buy on dips but on a SELL ON RALLY MODE !!!
Watch shorter time frames for clues
Have a nice trading day.
All the best and take care
Ironman8848
Bình luận:
S2 @ 53'128 (SECONDARY DOUBLE TOP TARGET) REACHED
