Updated

Bullish W-Pattern, possible 1:1 long entry, fear & greed index

The bullish W-pattern currently forming may allow for a 1:1/1.5 long entry. Yesterday's bearish candle tried to bring the price down again but was strongly won by the bulls. We should see at least one more bullish leg which allows for a long entry.
The fear & greed index is about to enter the neutral zone and ihe major US-indexes show increasing risk affinity of investors.
Still the resistance at 70-72k, where billions of short liquidations are sitting, remains the upper boundary so I rather expect BTC to go sideways.
google: "fear & greed index"

Note

We're seeing quite a strong 2nd leg and today's pullback is comparably weak. A possible 3rd leg will bring us close to our profit target or even will hit it.
You should either close your position then or set the trade to BE if you want to go for the 2nd profit target at 68K.

Note

The fear & greed index went up to 66 in the recent days which means investors' sentiment is "greedy" and they are ready to take on higher risk.
This was mirrored by the Dow Jones index reaching an ATH.
Crypto currencies are considered a high risk asset.
The suggested long trade filled about 70% of PT #1 yesterday and I guess, under the current market conditions it's safe to say PT #1 will be filled within the first half of next week.

Note

First profit target was hit. Under the current conditions, where the FED cut interest rates on the 19th September, going for the 2nd profit target is probably not too optimistic.

Trade closed: target reached

2nd profit target was hit.

ranxero46

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ranxero46