Bitcoin Technical Outlook July 4 2020

Posted on Jul 4, 2020

Our stance on swing trades

BTCUSD is forming the falling wedge I’ve mentioned many times, it’s becoming more mature by every day. We might see another high to the lower high trendline of that wedge between $9,400 and $9,500 zone sooner than later but we will only take a swing trade once it breaks by Daily closing above $9,800. This price of this breakout can change in upcoming days, I will update that. You can expect a full trade setup calls in the chat when we take a swing trade. We are bullish in BTCUSD long term price projection. But will only trade when it breaks this falling wedge.

Scalp Opportunities:

Scalping is not for everybody, you have to be online and keep updated all the time, 5 minutes late can ruin the trade outcome, so it becomes very difficult for me to type all the setups and publish it on time. This is the primary reason I was giving an early outlook so you don’t miss it.

In the H1 chart, the market was doing as we were expecting, it respected our horizontal lines, and often in the crypto, it moves with smaller falling wedges or wedge looking patterns, once the trendline of that breaks by candle closing it goes up.

And an inverse head and shoulder chart pattern is forming in the H1 (neckline in golden color trendline), and it will be successful breakout if we have an H4 closing above $9,300 (we are using Bitstamp). H4 bullish candle needs to be solid not a tiny or doji looking. Your stops loss should be below $9,180 and the target is $9,450 zone. Your maximum risk should be 1% of your balance ($10 on every $1000) as this type of scalping winning rate is only 6 times out of every 10 times and RR is also not great. If you are not very active you should ignore the scalp trade. I will also let you know on the group if this potential trade triggers.