Short - term upside for Bitcoin likely in the next few days

Nov 12, 2019

Welcome, don´t really know if I would call it a rally or a bounce but I do think we have some upside here, this is why:

1. after those two wicks stopped out and liquidated people left and right, price still closed well above the bottom of the bullish orderblock - the demand has not yet depleted
2. we have a swing failure pattern on a 4 hour chart: whenever that happens I usually look for price to run the other way
3. we also have a three - drives bullish divergence on the 4 hour time frame as well as a confirmed bullish divergence on the 12h
4. btc dominance looks bouncy

All in all, if this will turn into a legitimate rally or just a relief bounce remains to be seen but a trade is here nonetheless. My primary target is a run above the previous swing high.

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Take care.

Nov 14, 2019

Trade closed: stop reached

We just closed below the 4h 200MA and 12h is looking extremely shitty right now as well. This trade is very unlikely to play out at this point, on to the next.

Nov 14, 2019

Note

Final update for this idea: while I got stopped out the price is holding well so far. With all the bullish divergences building up on various time frames I am leaning more and more to this falling wedge we are potentially in, playing out.