BTC/USD - Quick Long Opportunity
Updated
Hi traders,
Here we have BTC/USD on the 2H chart.
Price recently broke the horizontal resistance zone, and has now retested the resistance as a new support.
Since then, price has had a short term correction to the previous horizontal resistance zone turned support. If price successfully continues to retest the previous resistance turned support, then I am expecting a minor impulse breakout move out of the resistance zone on the support retest.
I am expecting an up move after the correction of the resistance turned support, and for price to move up to 19300. When price hits 19300, I am expecting a small downside move, where there could be even more buying opportunities. But I will look at these other opportunities in the future.
Bare in mind that price needs to successfully move out of the resistance turned support zone before considering a position.
I will be updating this analysis closely as the trade progresses.
Here we have BTC/USD on the 2H chart.
Price recently broke the horizontal resistance zone, and has now retested the resistance as a new support.
Since then, price has had a short term correction to the previous horizontal resistance zone turned support. If price successfully continues to retest the previous resistance turned support, then I am expecting a minor impulse breakout move out of the resistance zone on the support retest.
I am expecting an up move after the correction of the resistance turned support, and for price to move up to 19300. When price hits 19300, I am expecting a small downside move, where there could be even more buying opportunities. But I will look at these other opportunities in the future.
Bare in mind that price needs to successfully move out of the resistance turned support zone before considering a position.
I will be updating this analysis closely as the trade progresses.
Note
Since I posted this analysis, the trade has gone exactly how it was supposed to go.Price had some further sideways correction after posting, but has since picked up steam in the form of a bullish engulfing signal.
Since the bullish engulfing signal was right near the resistance zone, I believe the candle can give enough momentum for the up move that we desire.
I will be watching for a buy opportunity, and I expect an up move to occur to my upside price target at 19180.
Trade closed: target reached
Target is approaching the target take profits level. Well done to anyone who has been following this idea. We have had a move over $1,300 in just over 24 hours.
Like and follow for more ideas and analysis like 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.