Bitcoin is forming a cup and handle pattern. Handle is well developed.
The price needs to break out of the handle, to the upside. This hasn't happened yet.
The handle is a triangle. Volatility is contracting and that is a good thing. Volume is also dropping off. A big move often follows super low volume with this pattern.
A move above $9,355 breaks the smallest daily consolidation.
Another entry is a break above the $9,480 (rounded) July 8 swing high.
Stop loss goes below the consolidation. The "roomiest" stop loss is to place it below $8,830. The downside is the reward:risk drops off as well.
This pattern has the potential to run 50%, putting a target near $14,000.
If holding this for the longer-term, the next target is the $19,000 region.
Holding for the big gains isn't required. Getting in and out with smaller reward:risk trades, like 4 or 5:1, is also acceptable. For example, if your risk is 5% (the difference between entry and stop loss), an exit with a 25% profit is 5:1. A solid trade as well.
The price needs to break out of the handle, to the upside. This hasn't happened yet.
The handle is a triangle. Volatility is contracting and that is a good thing. Volume is also dropping off. A big move often follows super low volume with this pattern.
A move above $9,355 breaks the smallest daily consolidation.
Another entry is a break above the $9,480 (rounded) July 8 swing high.
Stop loss goes below the consolidation. The "roomiest" stop loss is to place it below $8,830. The downside is the reward:risk drops off as well.
This pattern has the potential to run 50%, putting a target near $14,000.
If holding this for the longer-term, the next target is the $19,000 region.
Holding for the big gains isn't required. Getting in and out with smaller reward:risk trades, like 4 or 5:1, is also acceptable. For example, if your risk is 5% (the difference between entry and stop loss), an exit with a 25% profit is 5:1. A solid trade as well.
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。