8.5 C
Monday, October 3, 2022


Hello, everyone, It’s Petko Aleksandrov and I continue with some more setups that we had with the Bitcoin and the last video, I was right at this continuation pattern and I told you that according to me, it seems like a flag, which is a continuation pattern. And I was right. You can see what happened after that.

The price broke, it retested this line one more time, and then it continued higher. And the Bitcoin now bounced out of the 16 500, which is another round number 6 500. The last time it bounced from the 16 000. And now I had 2 more Counter Trendlines. So I will try to make it a little bit more visual for you.

Here it is. It broke the pattern, continued higher and failed to break 16 500, then the price pulled back. I had 1 Counter Trendlines right here, which was the more aggressive one. But you can see that I didn’t have a clear failure of the recent low at that moment. OK, right here, this candlestick broke the Counter Trendline.

But I didn’t have a failure of the recent low, which came a little bit later. Kind of a fake entry here. All right? Here it was this candle. And then there we had a failure of the recent low. The price continued higher. So I took 1 trade over here. I took Stellar at this moment and then you see what happened. The price went higher and it dropped down. Now, this happens but I had my set up. So obviously, I was happy to take a trade and I chose Stellar at that moment.

What happened after that? The price continued higher. So let me put that Counter Trendline right through the candlestick. And I had one more, which was right here. But again, I didn’t have a failure of the recent low because this low was lower than that one. And then when I had the new higher high, I had my setup with this entry just in the last 1 hour, OK, because this low failed to take this one.

So this is what I have at the moment. You can see how it goes, 1 Counter Trendline, and I don’t draw it long to mess up my chart. It was for that entry right here, OK, for this one here. So I keep it short and then I can have my chart clearer for the next entries. OK, one more Counter Trendline here was not useful because I didn’t have the failure of the recent low. And now I have the failure of the recent low right over here this early morning on the 15th of November.

And I had an impulsive break of the Counter Trendline. So I took another piece of Stellar, OK, this is my current set up and I’m looking for Target, as you know, pretty high, by the way. It’s 18 000 something. It was 18 790. OK, pretty high.

It’s not an impossible target, obviously, for the Bitcoin, but we’ll see how it goes. For the moment, we remain very bullish. If I switch to the daily chart, you will see where I am right over here. Very bullish Bitcoin and I take every single opportunity to buy more of smaller Cryptos and we’ll see how it goes.

I will keep you updated. And if you have any questions, of course, let me know. Thanks for watching and if you have missed subscribing to our channel make sure to do it now and I will see you in the next video. Have a wonderful day! Cheers!.

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