All technicals. Entering the Golden Fib Zone, looking to validate strength of fibs over the next months. Seems to have respected long term monthly support. I previously published a monthly short position near 9800, I've left a link as well. I've been observing BTCUSD as one of my go to trading pairs for about 2 years now .It looks oversold to me as candlestick language suggest a possible reversal of the long bearish trend and volatile wild ride it has been downwards. The most recent monthly candlestick has printed bullish. Last 3 weekly candles may be considered as bullish engulfing. For D1, we are currently at the top of the consolidation. It has been forming an ascending channel on D1, has not had a Lower low since March 13 2020. There is liquidity spikes upwards, but the candlesticks are closing at higher lows. W1 200 SMA and 50 EMA are indicating bullish. D1 has a bearish death cross. It has rejected psych price of 5000, I believe this might be a Demand Price for BTCUSD - This is a position trade which may take months. It has not reached this price since November 20 2019 - it consolidated within a 1200 PIP Range for about 5 months then had a 200 day bullish run.
Looking to observe bounces from
61.8 --50.0-- 38.2
If market structure maintains ascending channel i will hold the buy. Recommend to trail SL in Profit.
Looking to observe bounces from
61.8 --50.0-- 38.2
If market structure maintains ascending channel i will hold the buy. Recommend to trail SL in Profit.
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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.