Hi, friends.
BTC is in up trend on 2H timeframe.
Level 11250 (max volume of January 2018) - good resistance level, the price rebounded a couple of times from it.
What we see now?
Every rebound from the level 11250 is weaker than the previous one and the price is consolidating before the level. All this points indicate to us that the probability of a breakout is very high.
If the price breaks out level 11250 and holds above next target will be 12170.
But, If false break out happens and the price will return back below 12150 you need to close position immediately.
Trade recommedation:
Entry point: Buy stop 11255 (aggressive), Buy limit 11255 (after breakout and retest)
Stop: 10840
Target1: 12170
Target2: 12999
Glossary of terms
BTC is in up trend on 2H timeframe.
Level 11250 (max volume of January 2018) - good resistance level, the price rebounded a couple of times from it.
What we see now?
Every rebound from the level 11250 is weaker than the previous one and the price is consolidating before the level. All this points indicate to us that the probability of a breakout is very high.
If the price breaks out level 11250 and holds above next target will be 12170.
But, If false break out happens and the price will return back below 12150 you need to close position immediately.
Trade recommedation:
Entry point: Buy stop 11255 (aggressive), Buy limit 11255 (after breakout and retest)
Stop: 10840
Target1: 12170
Target2: 12999
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded volume .
- Value Area (V A) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
- Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
Trade closed manually
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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.
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.