29/05/2018
Hello guys, I hope you are doing great!
After boring weekend, Monday is here! Monday is day very important in trading world because volume is back, new blood is in the market. We can see on daily chart that daily volume for today almost overcome daily volumes for Saturday and Sunday. What does this mean?
It means that interest is back, more people will try to push BTC price in their favor. I am analyzing and talking only about BTC because it will dictate everything else. If BTC is going up, alts have chance to go up. If BTC is ranging, alts have chance to go up again. If BTC is dropping, alts don't have any chance.
What is my opinion for BTC? I think it has to go up! At least by indicators and charting tools I use!
Chart: https://www.tradingview.com/x/lnfcW7Br
According to this chart, it looks obvious that bullish divergances are everywhere. This is 6h chart but you can check every chart and you will find them. So a lot fo bullish signs, falling wedge ( bullish pattern ), 7.1-7.2k is the bottom of triangle so chances are really high.
I opened long position on BTC at 7224 : http://prntscr.com/jnm8sd
This trade was shared in paid group too. I decided to go long not because I was too bullish but because I had nice place for stop loss, if it turns in my direction I can enjoy move maybe up to 8k but if it turns against me, it will be stopped out below this falling wedge. That is great risk reward and if you find 10 signals like this, and if you guess only 3-4 you would be in great profit even if your success rate is 30-40%.
So, that is my opinion about BTC. Breakind down from this faling wedge would lead us to disaster so will talk about that only if that happens. Do not want to scare anyone!