BTC/USD - Trading Opportunity
Updated
A follow up on my original analysis that went EXACTLY to plan!! (So far...) ha. Looks like a nice trading opportunity as price nicely broke the side-wards resistance. Does this mean it could now potentially turn into a new support? We will soon find out. Bitcoin has been pretty unpredictable as of late so it's wiser to wait a bit longer and wait for very firm set ups before jumping into the trade to monetise. Price followed my previous analysis perfectly and correction to side-wards resistance as support before a big move is a perfect follow through that makes complete technical sense. I am happy to see this and providing it holds as support then looks great for upside.
Another thing to bear in mind is that price can actually still retest the side-wards line as a support again before going up. Currently price just has a hammer rejection type candle which alone isn't much without the force of bears following through to validate the signal so this is something to definitely consider when executing trades at a corrective level after an impulse in this situation.
If Bitcoin fails to hold as support, the likely path is to the downside, with a test at the horizontal support zone just below the side-wards support line before a next potential bounce.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
Another thing to bear in mind is that price can actually still retest the side-wards line as a support again before going up. Currently price just has a hammer rejection type candle which alone isn't much without the force of bears following through to validate the signal so this is something to definitely consider when executing trades at a corrective level after an impulse in this situation.
If Bitcoin fails to hold as support, the likely path is to the downside, with a test at the horizontal support zone just below the side-wards support line before a next potential bounce.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.
Note
This analysis is going exactly as planned with some nice upside following off of the side wards resistance line.Looks like we could bull run for a bit but make sure you’re nimble when trading as it is still a strong unpredictable trading environment.
Please leave a LIKE. I’d really appreciate it :-)
Thank you for all your support.
Note
A nice 150 points up from where entry was suggested. Could this mean more upside? We'll soon find out!Well done to all who followed this one! :-)
Related publications
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.