Trading Spot Forex, Equities and Futures using "Long Term Moving Averages" as Support and Resistance. The strategy consist of breakouts from the 800 or 200 simple moving average (sma) Bollinger Band. Will take into account the 800sma, 200 sma, the 50 sma and recent high/lows as support and resistance. Reversal patterns "double bottom" or "double top" near a Bollinger Band will trigger a trade.

Friday, November 29, 2024

Cup and Handle Formation in Bitcoin

The Bitcoin/USD pair had been in a roaring uptrend since after the elections. This week it made a retracement as it was near the psychological resistance of 100,000. Now it formed a Cup and Handle formation out of the 200sma (red line) as support in the 2 hour chart. The handle support is the 50 sma (interrupted blue line). I expect to retest the resistance at the 100,000 mark soon.



Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Info only, not intended necessarily as trading recommendations. By SurpriseTrade@gmail.com and ForexGuy.org@gmail.com

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