50-Day EMA Retest is on The Way
Basically, BTCUSD is still holding strong on its bullishness besides the failure to retest its all time high not long ago. I personally think that if BTCUSD is able to hold to its 50-Day EMA, the short term prospect of it is really strong.
If we look at the current price, we are approaching to the area where the volume is quite high (look at the volume profile), and that where the 50-Day EMA be anytime soon. So, if you are looking for an entry, this retest is going to be ideal for you.
But to make sure that the price could hold its 50-Day EMA, we need to see the MACD makes its golden cross in that area. Because if the downward momentum still quite high, there is a possibility we might go lower.
So, to summarize it up, here is the setup i would suggest for you:
Entry Setup 1
1. The price is consolidating between its 50-Day EMA and the area where the volume shown by the volume profile is high.
2. The MACD makes its Golden Cross
3. Price Target: 61.8% Fibonacci Extension shown Above
4. Stop Loss: 42,220
5. Risk: 15.90%
6. Return: 22.21%.
Entry Setup 2
1. The price is consolidating between its 50-Day EMA and the area where the volume shown by the volume profile is high.
2. The MACD makes its Golden Cross
3. Price Target: 100.00% Fibonacci Extension shown Above
4. Stop Loss: 42,220
5. Risk: 15.90%
6. Return: 44.89%.
If bad thing happens and you couldn't fulfill the entry conditions above, it is better for you to find another entry but it is not recommended to go againts the trend (looking for short positions).
CHEERS!!
If we look at the current price, we are approaching to the area where the volume is quite high (look at the volume profile), and that where the 50-Day EMA be anytime soon. So, if you are looking for an entry, this retest is going to be ideal for you.
But to make sure that the price could hold its 50-Day EMA, we need to see the MACD makes its golden cross in that area. Because if the downward momentum still quite high, there is a possibility we might go lower.
So, to summarize it up, here is the setup i would suggest for you:
Entry Setup 1
1. The price is consolidating between its 50-Day EMA and the area where the volume shown by the volume profile is high.
2. The MACD makes its Golden Cross
3. Price Target: 61.8% Fibonacci Extension shown Above
4. Stop Loss: 42,220
5. Risk: 15.90%
6. Return: 22.21%.
Entry Setup 2
1. The price is consolidating between its 50-Day EMA and the area where the volume shown by the volume profile is high.
2. The MACD makes its Golden Cross
3. Price Target: 100.00% Fibonacci Extension shown Above
4. Stop Loss: 42,220
5. Risk: 15.90%
6. Return: 44.89%.
If bad thing happens and you couldn't fulfill the entry conditions above, it is better for you to find another entry but it is not recommended to go againts the trend (looking for short positions).
CHEERS!!
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.