Hi traders.
So bitcoin had a bounce from my exact marked region.
I was updating you about it every day that it is coming down to 5500-6000 region.
You can check my those posts here:
https://steemit.com/bitcoin/@mazharkazmi/bitcoin-update-broke-the-falling-wedge-coming-down-to-5500-6500-dollars-technical-and-fundamental-analysis
So it had a bounce. There is a talk that we might see bitcoin to 3500 or in this range. It might happen if we break 5800 support.
But currently in short term bitcoin is bullish. And I am looking for a trade on btc.
Let me show you the chart.
So I have bought some bitcoin here with my stop loss at 6700 dollars.
My target is 7900-8200 in short term intra trade,
The reasons for this trade are mentioned.
There are currently three patterns forming on bitcoin
Cup and Handle:
The most observable pattern forming on bitcoin is the cup and handle.
It has completed and according to the length of cup we might go to 8600 but safe area to exit is around 8200.
Head and shoulder:
The second pattern is head and shoulder.
Which will complete if we close above 7400 and this will complete as we already had a cup and handle and again according to the length of head the target is same.
Bear Flag:
There is also a bear flag breakout. The pole is quite long and according to the length of pole the targets are same.
Macd:
The macd indicator is also bullish.
The crossover looks good on macd.
Combining the indicator signals with the chart patterns give a very good signal.
SO that was my analysis of bitcoin short trade which can book you almost 15%
Set stop loss at 6700 which is must.
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