BTCUSD has had a steady and impressive bounce back from the 4Q22 lows. I drew the majority of these trend lines in January and the price movement to find support and resistance within the upward and downward channels, and reversals at inflection points has played out with better precision than I could have hoped for. We can also see a relatively consistent trend of price reversals at the fib time zones that start with the retrace from the November 2021 high. I normally swing trade BTC on the 4hr time frame, but have also been using the daily timeframe of this chart to take profit at overhead trendlines and accumulate at the bottom of channels and inflection points. My most recent buys were 19.8, 21.6, 24.8, and 24.5. My most recent profit taking were 28.3, 28.8, and 29.3.
So how am I going to use this going forward and what do I expect? I will continue to use support and resistance within these channels to take profit and reaccumulate. I am not making a price prediction at the upcoming inflection and will remain open minded to more than one outcome. My current accumulation orders are set for 23, 25.7, 26.7, and 27.9. My remaining profit taking is set for 31.1.
Once we break above these channels I will need to model new scenarios.
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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.