After a few days dipping, btc has apparently resumed the pump and is once again testing its resistance. As I wirte this it's testing the smaller wedge, the pink one, which this week hasn't been strong so I will ignore it.
However, once it gets to the 0.5 fibonacci it will also meet the hard, historical resistance (7130) where I will short with half the position I am willing to risk. If it doesnt retrace there, I will add up the other half at the top of the strong wedge that has been king this past month, the blue line which right now sits at 7300.
In all situations, the profit will be taken at around 7000, I do not trust it going much lower, so it's not worth the risk. If it breaks with volume the blue wedge at 7300, 7460 is the next stop where I would probably take my losses, but it wouldn't be a bad place to add up. I just don't feel comfortable adding so far from my entry point.
As usual, use SL and trade safe!
If you found this useful, please thumb me up and follow my twitter!
However, once it gets to the 0.5 fibonacci it will also meet the hard, historical resistance (7130) where I will short with half the position I am willing to risk. If it doesnt retrace there, I will add up the other half at the top of the strong wedge that has been king this past month, the blue line which right now sits at 7300.
In all situations, the profit will be taken at around 7000, I do not trust it going much lower, so it's not worth the risk. If it breaks with volume the blue wedge at 7300, 7460 is the next stop where I would probably take my losses, but it wouldn't be a bad place to add up. I just don't feel comfortable adding so far from my entry point.
As usual, use SL and trade safe!
If you found this useful, please thumb me up and follow my twitter!