The macro outlook on this chart is beautiful. If you’re patient and don’t look at the price every 5 minutes, then you have the opportunity to turn $1k into $40k with this trade idea.
On the above 1-day chart price action has corrected 70% since mid-May from $50. Price action has been consolidating inside a large ascending triangle formation for almost 250 days with the upper resistance tested on 5 occasions. A number of reasons now exist to be bullish, including:
1) The ‘incredible buy’ signal, look left.
2) Price action + oscillators are printing higher lows.
3) (1) and (2) and both true for the daily bitcoin chart (below). 5 oscillators are showing Bullish divergence.
4) A Dragonfly DOJI candle on the weekly chart (bottom). Very bullish.
Why 40x? That’s where zooming out really pays. I’ve been watching this one for a while waiting for the right moment. I believe that moment has arrived.
On the weekly chart a large pennant has been forming since the beginning of the year. A breakout to the upside would be significant. The flagpole extends to a target of $620.
Is it possible price action falls further? Sure.
Is it probable? No.
Good luck!
WW
1-day BTC chart
Weekly chart:
On the above 1-day chart price action has corrected 70% since mid-May from $50. Price action has been consolidating inside a large ascending triangle formation for almost 250 days with the upper resistance tested on 5 occasions. A number of reasons now exist to be bullish, including:
1) The ‘incredible buy’ signal, look left.
2) Price action + oscillators are printing higher lows.
3) (1) and (2) and both true for the daily bitcoin chart (below). 5 oscillators are showing Bullish divergence.
4) A Dragonfly DOJI candle on the weekly chart (bottom). Very bullish.
Why 40x? That’s where zooming out really pays. I’ve been watching this one for a while waiting for the right moment. I believe that moment has arrived.
On the weekly chart a large pennant has been forming since the beginning of the year. A breakout to the upside would be significant. The flagpole extends to a target of $620.
Is it possible price action falls further? Sure.
Is it probable? No.
Good luck!
WW
1-day BTC chart
Weekly chart:
Trade active
currently multiple oscillators are showing bullish divergence with price actionNote
Forgot add the chart yesterday. Late night etc. There was only 7 or 8 last I looked, now there is 11 oscillators (circled in purple) showing bullish divergence with price action. One day it will likely just pop. Don't try and time the bottom (or the top for that matter), ride the trend.Note
The 2-day chart below 6 oscillators are printing bullish divergence with price action. Expecting $8.40 to offer strong support if tested. A good opportunity to add to long positions.Note
Strong support confirmed.Trade active
A nice clean breakout of RSI resistance over the last few days - safe long entry from here.Trade active
On the 3-day chart RSI resistance broke out. Should have waited for this in the first place especially with such a small market cap. Positive price action from here on folks.Price action also prints double 'incredible buy' signals. Much more meaningful on the 3-day that the 1-day that was originally used on this idea.
Note
This is the Hydra / BTC pair on the 2-day chart. A significant bullish divergence is printing. It is normal for the divergence to build over 15 to 30 days, the longer the stronger the rotation. Currently the divergence has been printing for 45 days.Note
On the 12hr dollar chart bulls pushed all the way to $11.66 before bears made an appearance. What does this tell you? The appetite for selling has almost complete evaporated.Where wicks go price will surely follow. $11.66 should be the first resistance point on this trend reversal.
Trade active
The amount of bullish divergence printing on the 2-day Hydra/BTC chart is akin to watching the fueling of a rocket before takeoff.Trade active
Don't often see a 'incredible buy' on a 3-day chart.. .but when you do.. don't sit on your hands!Trade active
A 'great buy' now prints on the weekly with stochastic RSI crossing up 20 (purple circle).Reduced target area from $600, to $460 area. Remains a 40x opportunity from current price action levels.
Note
Mentioned on the PSG idea there's 1 of 3 alts printing flat bottomed Heikin Ashi green candles on the weekly.Hydra is 2 of 3.
Note
5-day chart prints a Dragonfly DOJI candle that follows a new IB buy signal.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.