BTDUSD - Bitcoin On the verge of a pennant breakout
Not writing much on it. Sharing my long scenario for BTC. Very heavy resistance overhead but it looks like a very clear bullish pennant forming from its previous run up. Currently attempting to break out, ultimate goal would be at 35-36k with TP zones at previous local high of 27.8K and 30k~ respectively. Look for volume on breakout of this wedge pattern. There been a bullish divergence developing over the past couple of months as well. I favor a bullish breakout rather than a breakdown.
IF we fail breakout, it'd likely fall within range and test bottom of the wedge before an expected bounce. Market is just boring but not bearish. Remember the trend is your friend. We are currently on an upward trend so we favor bullish scenarios.
For Lazy people:
Bullish Scenario:
Buy: 27k IF we get strong volume or follow-up volume. WAIT For candle close and don't chase it unless you're willing to take on additional risk.
TP1: 28K
TP2: 30K
TP3: 35-36K~
Bearish Scenario:
Short: 26.8-27k (short now if okay with risk, otherwise wait for confirmation of top of wedge as resistance aka Candle close)
TP: Bottom of wedge / 0.5 FIB zone 24-24.5K
IF we fail breakout, it'd likely fall within range and test bottom of the wedge before an expected bounce. Market is just boring but not bearish. Remember the trend is your friend. We are currently on an upward trend so we favor bullish scenarios.
For Lazy people:
Bullish Scenario:
Buy: 27k IF we get strong volume or follow-up volume. WAIT For candle close and don't chase it unless you're willing to take on additional risk.
TP1: 28K
TP2: 30K
TP3: 35-36K~
Bearish Scenario:
Short: 26.8-27k (short now if okay with risk, otherwise wait for confirmation of top of wedge as resistance aka Candle close)
TP: Bottom of wedge / 0.5 FIB zone 24-24.5K