BTCUSD Q2 & Q3 outlook
Updated
Hi, Everyone. This is my first post even though I bought my first BTC in 2016. I enjoy the community and am amazed by the great ideas shared on this platform.
I have written down the Fibonacci targets in either scenario but I believe a consolidation period in the short term is more likely. BTC has a history of short term parabolic gains followed by longer consolidation periods. I believe it is too soon for investors to see BTC as a financial asset and completely separate from the stock market so I wouldn't be surprised if they follow similar patterns in Q2 and Q3 of 2020.
- Buy zone: +- 6750 - 8000 USD
The scenario above would be my best guess, however, if BTC breaks above the 10500 USD high of 13 Feb 2020, I would keep an eye on the targets I wrote down in the chart. As for my personal money management, I am not short at the moment, I just got extra cash ready to buy when entering the buy zone.
This is just one man's opinion, please do your own research! I have owned BTC since 2016 and mostly traded in a very passive way. I had my share of good trades, bad trades, FOMO, and a lot of times would have been better off if I just sat back, relaxed, and watched the show. Sounds familiar?
I have written down the Fibonacci targets in either scenario but I believe a consolidation period in the short term is more likely. BTC has a history of short term parabolic gains followed by longer consolidation periods. I believe it is too soon for investors to see BTC as a financial asset and completely separate from the stock market so I wouldn't be surprised if they follow similar patterns in Q2 and Q3 of 2020.
- Buy zone: +- 6750 - 8000 USD
The scenario above would be my best guess, however, if BTC breaks above the 10500 USD high of 13 Feb 2020, I would keep an eye on the targets I wrote down in the chart. As for my personal money management, I am not short at the moment, I just got extra cash ready to buy when entering the buy zone.
This is just one man's opinion, please do your own research! I have owned BTC since 2016 and mostly traded in a very passive way. I had my share of good trades, bad trades, FOMO, and a lot of times would have been better off if I just sat back, relaxed, and watched the show. Sounds familiar?
Note
BTC briefly bounced off the uptrend in the chart. It is still in the ascending wedge channel at the moment.
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.