Price is testing the apex resistance of the triangle, creating a rising wedge which is also bearish . Volume has been decreasing, be ready for a drop. MACD is crossing down its signal line in multiple timeframes. STOCH RSI 4hr is overbought
Order Books show a lot of buyers waiting at 8-9k. Follow the money !!
If it doesnt drop, and breaks up, it could mean the end of downtrend. Daily RSI shows room for uptrend.
I am thinking of a 1BTC Long Position at 9.2k, because that was the lowest low within the last 2 weeks.
what do you say?
CryptoMagician34
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@siwe7, I think we are getting close to breaking the down trend in the next 1-2weeks. I think 9.2k is reasonable and has a good chance of been reached. If you look at the order books on exchanges there are a lot of buyers waiting in the 8-9k range. You will fit in perfectly.
siwe7
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@CryptoMagician34, hm.. well maybe it would be "smart" to have 0.5BTC long at 9.2k and 0.5BTC long at 8.5k.
but i am a bit concerned, that we don't surpass the 10k, because it was such a strong resistance... maybe i should also make a long position at ~10k :D
A Picture perfect breakout from a symmetrical triangle would give us a target of 7.2k.
Support at the 10k level is strong and its even stronger at the major uptrend support line in green. 8.8-9.2 is more realistic. We have to wait and see what happens at 10k though.
siwe7
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@CryptoMagician34, well, so i think i'll set two positions: 0.5BTC long at 9.2k and 0.5BTC long at 8.5k - for not missing out a drop beyond 9.2k. if there is a resistance and subsequentially a bounce at 10k, i will get in later.
but where to set a SL? that it drops beyond 7.2k is very unlikely to me.
maybe it happens a few days later?