Correction Incoming, Can Goldman Pump it After? | BITCOIN ($BTC)
đź’° Goldman Sachs is hosting a call on Bitcoin. In the past, Goldman interest in Bitcoin has generally correlated with bull markets and periods of general interest in crypto. This isn't to suggest that Goldman being interested is some indication that price has to go straight up or that the top isn't already in, but rather the topic of Bitcoin as a hedge and Goldman's interest both reenforce the current uptrend seen on higher timeframes. Given that, we are ultimately looking for a long setup here.
Resources: forbes.com/sites/colinharper/2020/05/22/goldman-sachs-is-hosting-a-call-about-bitcoin-gold-and-inflation/ + coindesk.com/goldman-sachs-bitcoin-isnt-currency-underlying-tech-holds-promise + independent.co.uk/life-style/gadgets-and-tech/news/goldman-sachs-bitcoin-fund-rumour-cryptocurrency-price-predictions-a8480291.html + cointelegraph.com/news/goldman-sachs-gets-bullish-on-bitcoin-with-a-price-target-of-13-971
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1. Fractal Trend is still showing an uptrend (Aqua bar color) on the 4 hour timeframe despite Bitcoin consolidating within a pennant after being rejected at resistance once again.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua line color) and/or bullish S/R levels plotted by Directional Bias (Aqua line color).
3. Right now we are looking for a long entry off the range formed by the previous S1 bullish S/R flip at the bottom of the pennant.
4. Our stoploss is placed below the S1 S/R, well below the previous candle closes where we expect to find support.
Ultimately the trade here is simple, buy the clear support below and target another test of the resistance at R1.
Good luck fam!
Resources: forbes.com/sites/colinharper/2020/05/22/goldman-sachs-is-hosting-a-call-about-bitcoin-gold-and-inflation/ + coindesk.com/goldman-sachs-bitcoin-isnt-currency-underlying-tech-holds-promise + independent.co.uk/life-style/gadgets-and-tech/news/goldman-sachs-bitcoin-fund-rumour-cryptocurrency-price-predictions-a8480291.html + cointelegraph.com/news/goldman-sachs-gets-bullish-on-bitcoin-with-a-price-target-of-13-971
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Fractal Trend is still showing an uptrend (Aqua bar color) on the 4 hour timeframe despite Bitcoin consolidating within a pennant after being rejected at resistance once again.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua line color) and/or bullish S/R levels plotted by Directional Bias (Aqua line color).
3. Right now we are looking for a long entry off the range formed by the previous S1 bullish S/R flip at the bottom of the pennant.
4. Our stoploss is placed below the S1 S/R, well below the previous candle closes where we expect to find support.
Ultimately the trade here is simple, buy the clear support below and target another test of the resistance at R1.
Good luck fam!
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