BITCOIN | Risky Buy Opportunity!
Updated
Hi,
I would like to make a quick post about the current action on the Bitcoin chart.
Actually, this is a pretty risky short-term buy opportunity but I would like to mention it anyway. Risky, because I don't really like the price action in the previous 4-5 days. It has been really bouncy and actually only the visual thinking helped me to make some profits today to make a little "short" scalp but that's all. Why I thought that the price may come down was the green.
I don't even wanna talk specifically about the criteria, let the "pros" comment in my comment section (lol, book masters) but the area around $8,000 has been on my watchlist after the 13. of October high.
It is also a bit risky and mixed because we have bullish&bearish candlestick patterns on the Daily and they both are active. I'm just a bit more bullish (that's why I would like to share this area) because we have short-term higher highs and higher lows, plus the price has to reach to the higher levels before one more leg downwards.
Quickly the criteria:
1. Channel
2. Channel
3. AB=CD
4. Fibo Ex.
5. Round number
6. Bullish Daily candlestick pattern
7. Short-term higher high and higher low
8! The area and the pressure is risky so, definitely wait for bullish candlestick formations:
- 1H: Engulfing, Morning Star
- 4H: Hammer, Spinning bottom, bullish Railway tracks, bullish Engulfing, Morning Star
If you don't see those patterns then obviously this trade is invalid!!
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
I would like to make a quick post about the current action on the Bitcoin chart.
Actually, this is a pretty risky short-term buy opportunity but I would like to mention it anyway. Risky, because I don't really like the price action in the previous 4-5 days. It has been really bouncy and actually only the visual thinking helped me to make some profits today to make a little "short" scalp but that's all. Why I thought that the price may come down was the green.
I don't even wanna talk specifically about the criteria, let the "pros" comment in my comment section (lol, book masters) but the area around $8,000 has been on my watchlist after the 13. of October high.
It is also a bit risky and mixed because we have bullish&bearish candlestick patterns on the Daily and they both are active. I'm just a bit more bullish (that's why I would like to share this area) because we have short-term higher highs and higher lows, plus the price has to reach to the higher levels before one more leg downwards.
Quickly the criteria:
1. Channel
2. Channel
3. AB=CD
4. Fibo Ex.
5. Round number
6. Bullish Daily candlestick pattern
7. Short-term higher high and higher low
8! The area and the pressure is risky so, definitely wait for bullish candlestick formations:
- 1H: Engulfing, Morning Star
- 4H: Hammer, Spinning bottom, bullish Railway tracks, bullish Engulfing, Morning Star
If you don't see those patterns then obviously this trade is invalid!!
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Note
8! The area and the pressure is risky so, definitely wait for bullish candlestick formations: - 1H: Engulfing , Morning Star
- 4H: Hammer , Spinning bottom, bullish Railway tracks, bullish Engulfing , Morning Star
If you don't see those patterns then obviously this trade is invalid!!
Note
At the moment, it has worked nicely, the price has come down to test the marked area!Note
Reminder:The area and the pressure is risky so, definitely wait for bullish candlestick formations:
- 1H: Engulfing, Morning Star
- 4H: Hammer, Spinning bottom, bullish Railway tracks, bullish Engulfing, Morning Star
If you don't see those patterns then this trade is invalid!!
Note
Pretty bad 4H candle close and the candlestick range is tightened:- Only 4h bullish Engulfing and Morning Star. So, take a rest and and come back after 4 h. ;)
Note
Okay, we have to wait for only one pattern - Mornin Star from 4HA current candle close above 8000 will be perfect!
A current candle close above 8060 and we get 2in1 - 4H Morning Star and Daily Hammer.
Regards!
Note
We got a valid Morning star in 4H:...and during the throwback, we have made a breakout from a small bullish pattern in the 15 min. timeframe. Small, small - still, it is really hard to climb over the 8k but as said risky ;)
Note
That's how it's should be done all the time.Determine the strong area and wait for a bullish/bearish price action inside of it - patience is the key!
Hopefully, you learned something from here because I don't do it often because of certain reasons.
Note
BITCOIN multi-timeframe analysis:
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