TATCH 👻 TRADING ANALYSIS: [BTC] Bitcoin Price Action recap'
Hi !
Follow-up on #Bitcoin from last week: https://steemit.com/bitcoin/@tatchcapital/tatch-trading-analysis-btc-quick-pips-long-before-trapping-zone
Price Action
#Price did went close to 12k$ before ending the first leg of the 2 legs from the correction of the previous (bearish) #wedge and setting up a #channel (orange trading range).
Plan
Plan is to look for "traps" at levels of interest, namely 13k$ and 14k$ as well as a possible channel (orange) overshoot.
By reaching those levels price will make a #breakout of a large bearish downtrend (blue line).
Price will then be set to go back in #downtrend once enough longs will have been trapped and shorts squeezed.
Targets
- Long-term didn't changed: 5555$ or 5500$ are good
- mid-term any significant level between 10k and 9k$
- short-term: it's possible to take some quick long continuation pattern at every failed red candle (H1); yet it's important to have tight SL and at least a 1,5:1 Risk/reward ratio.
Don't hesitate to join us on Telegram, upvote, share and ask questions in comment section.
Much love
Cédric
Tatch Capital Limited
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GuldenTrader
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All disclaimers and common sense apply.
No advise, just personal commentary.
"Never go full retard".