We will trade this (full explanation) BITCOIN by ThinkingAntsOk
Today we will explain the setup we are aiming to develop on BTC/USD, use it as a guide for your personal view of the chart.
a)Currently, we can see a Corrective Structure (this type of structure is considered a continuation pattern, which means that you should expect a continuation of the bullish movement after the breakout.
b)The continuation pattern is supported by 2 trendlines, that gives us a solid view of the bullish thesis.
c)Before Trading, we will wait for the price to test the higher trendline of the corrective structure and a small correction there.
d)If that happens, we will develop our long setup with an entry above the structure and a Target on 13.000
e)Our Stop will be below the current ascending trendline of the bullish movement.
f)The critical aspect for this trade is Patience, first wait for the price to test the higher trendline and a possible breakout, after that wait for a corrective structure on 1H. If that happens, we will consider that we are in front of a high-quality setup.
a)Currently, we can see a Corrective Structure (this type of structure is considered a continuation pattern, which means that you should expect a continuation of the bullish movement after the breakout.
b)The continuation pattern is supported by 2 trendlines, that gives us a solid view of the bullish thesis.
c)Before Trading, we will wait for the price to test the higher trendline of the corrective structure and a small correction there.
d)If that happens, we will develop our long setup with an entry above the structure and a Target on 13.000
e)Our Stop will be below the current ascending trendline of the bullish movement.
f)The critical aspect for this trade is Patience, first wait for the price to test the higher trendline and a possible breakout, after that wait for a corrective structure on 1H. If that happens, we will consider that we are in front of a high-quality setup.
