BTCUSDT likely to head up from 2h/4h support
The long idea has made us wait really long and the short we took did not work out. The price has come back down after spiking through the daily resistance DR1. I would really have like the price to reach to the 4h support 4HS1 in order to take a long trade as originally planned. However, I do see a case for the price bouncing from 2h support 2HS1. It has done so previously and has aimed towards 4h resistance 4HR1. Its again setting up the same scenario. I might allocate some amount in this support zone and wait for the price to come to 4HS1 for the rest. Apart from this short term view, I think BTC is ready for a good move towards upside soon. The stage is kind of being set and prepared and we shall see that very soon. The medium/long term view I will share in a separate post. But in short, I think we see a bigger up move without going below our recent lows made in last days.
Note
So finally the price reached to our desired entry of 4h support level 4HS1 and bought the full size there apart from having some position at 2HS1 support. The price bounced very well from the 4h support 4HS1 and has now hit 4h resistance 4HR1. I can see some resistance in play here and therefore, booking some profit here would be wise.
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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.