Key Levels and Zones:
- Monthly Open (MO): 64,601.8 USDT
- Potential Resistance Level: 73,910.8 USDT (Upper bound of the blue shaded area)
- Support Zone: Between ~48,000 USDT and ~51,000 USDT
- Fair Value Gap/Mitigation (FVG/M): ~51,149.8 USDT (noted within the blue shaded area)
- Previous Swing Low (Support): ~48,000 USDT
- Previous Swing High (Resistance): ~58,286.9 USDT
Trade Setup Explanation:
1. **Current Price Action:** BTCUSDT is currently trading at 51,889.9 USDT, experiencing a strong bearish move after failing to sustain above the key resistance levels.
2. **Support Zone:** The price has entered a significant support zone ranging from ~48,000 to ~51,000 USDT. This area has historically shown buying interest and could potentially act as a demand zone again.
3. **Fair Value Gap (FVG/M):** There's an identified FVG around ~51,149.8 USDT, which may act as a point of interest for institutional buying, aligning with the support zone.
4. **Potential Bullish Reversal:** Considering the heavy sell-off into a key support zone, we anticipate a possible bullish reversal if the price action shows a bullish structure or a significant bounce from the current levels.
Trade Plan:
- Entry Zone: Enter long positions within the support zone between ~48,000 to ~51,000 USDT.
- Stop Loss: Set a stop loss just below the lower boundary of the support zone at approximately 47,500 USDT to protect against a deeper correction.
- Take Profit Targets:
- First Target (TP1): 58,000 USDT (Previous swing high level)
- Second Target (TP2): 64,601.8 USDT (Monthly Open level)
- Final Target (TP3): 73,910.8 USDT (Upper boundary of the blue shaded resistance zone)
Trade Rationale:
The trade setup is based on the expectation of a bullish reversal from a historically strong support zone combined with a potential fair value gap filling. The sharp sell-off provides a favorable risk-reward ratio for a long position as the market seeks equilibrium.
- Monthly Open (MO): 64,601.8 USDT
- Potential Resistance Level: 73,910.8 USDT (Upper bound of the blue shaded area)
- Support Zone: Between ~48,000 USDT and ~51,000 USDT
- Fair Value Gap/Mitigation (FVG/M): ~51,149.8 USDT (noted within the blue shaded area)
- Previous Swing Low (Support): ~48,000 USDT
- Previous Swing High (Resistance): ~58,286.9 USDT
Trade Setup Explanation:
1. **Current Price Action:** BTCUSDT is currently trading at 51,889.9 USDT, experiencing a strong bearish move after failing to sustain above the key resistance levels.
2. **Support Zone:** The price has entered a significant support zone ranging from ~48,000 to ~51,000 USDT. This area has historically shown buying interest and could potentially act as a demand zone again.
3. **Fair Value Gap (FVG/M):** There's an identified FVG around ~51,149.8 USDT, which may act as a point of interest for institutional buying, aligning with the support zone.
4. **Potential Bullish Reversal:** Considering the heavy sell-off into a key support zone, we anticipate a possible bullish reversal if the price action shows a bullish structure or a significant bounce from the current levels.
Trade Plan:
- Entry Zone: Enter long positions within the support zone between ~48,000 to ~51,000 USDT.
- Stop Loss: Set a stop loss just below the lower boundary of the support zone at approximately 47,500 USDT to protect against a deeper correction.
- Take Profit Targets:
- First Target (TP1): 58,000 USDT (Previous swing high level)
- Second Target (TP2): 64,601.8 USDT (Monthly Open level)
- Final Target (TP3): 73,910.8 USDT (Upper boundary of the blue shaded resistance zone)
Trade Rationale:
The trade setup is based on the expectation of a bullish reversal from a historically strong support zone combined with a potential fair value gap filling. The sharp sell-off provides a favorable risk-reward ratio for a long position as the market seeks equilibrium.
Note
BTC just went up by 15% today
Trade closed manually
Trade is Closed !New Idea:
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💎💎- Professional Trader
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
💎💎 - Discord: discord.gg/gHKNVMyEvd
💎💎 - Trading Course: liquiditysweep369.carrd.co/
Related publications
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.