BitcoinLong
BTCUSD Long
Summary:
When we look at the BTCUSD weekly chart, we can clearly see that BTC remains bullish . The manner in which price behaves in the next few weeks going into the new year will give an indication whether BTC is starting a bear market or remains bullish .
Moving onto the daily chart , the trend is over extended remains bearish . We can see some buyers trying to enter the market, with the creation a lower high formed around the 7 and 8 of December. This shows possibility of the trend turning bullish , which would be in line with the trend on the weekly chart, making for some explosive moves to the upside. The target would be in the region of 68 100 dollars. Targets are set using fibs. We only looking to trade about 60 - 65% of the move with a decent risk reward as there is higher probability of our target getting reached. We do not want to stay in trades too long as anything can happen at any time
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.