After trading in a wedge pattern for quite some time now BTCUSD seems to have exhausted itself with some pretty big wicks on the H1, and what appears to be a stop hunt on the H4.
Looking for BTCUSD to go long back up to the upside of the wedge and potentially break out to new heights after the most recent bearish market over the past few weeks.
My opinion is that the past few weeks of destruction was necessary in order for it to clear all new heights into uncharted territory.
If BTCUSD breaks the wedge pattern on the higher time frame I will be looking to place long term positions for an opportunity to go long into uncharted territory, but for now I'm targeting the top of the wedge pattern.
DISCLAIMER
THIS IS NOT FINANCIAL OR INVESTMENT ADVICE AND SHOULD NOT BE INTERPRETED AS SUCH.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Looking for BTCUSD to go long back up to the upside of the wedge and potentially break out to new heights after the most recent bearish market over the past few weeks.
My opinion is that the past few weeks of destruction was necessary in order for it to clear all new heights into uncharted territory.
If BTCUSD breaks the wedge pattern on the higher time frame I will be looking to place long term positions for an opportunity to go long into uncharted territory, but for now I'm targeting the top of the wedge pattern.
DISCLAIMER
THIS IS NOT FINANCIAL OR INVESTMENT ADVICE AND SHOULD NOT BE INTERPRETED AS SUCH.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.