BTCUSD Analysis. i will long.
Updated
Hello everyone. i want share my idea about Bitcoin price action.
We all saw Bitcoin bull run after ETF approval that means institutional are still in this game. at the moment last all time high we have at 73800, after that we saw rejection from sellers which tested well the strongest daily support.
If we we look at the picture from far we will see some technical signal which is head and shoulders, this technical movement gives me short signal but ill tell you some reasons why i think at bitcoin long.
First - Bitcoin has pretty bullish movement and this fall after all time high was logic, all market need correction after strong movement.
Second - Bitcoin touch to daily support at 61000$ where buyers long and we saw 8000$ movement in only one day. Yeah that's right bitcoin price came back to that zone but buyers are still active
Third - USDT dominance (index of Tether dominance on market) is still pretty bearish, USDT dominance after strong fall, came into 1 week Fibonacci high volume buy zone, got rejection from buyers but that rejection was not enough and for me it was correction of that index after strong fall.
Fourth - Bitcoin has still bull run, the last movement, what was today, for me that is continuation of trend and daily candle which closed 8000$ upside movement, after touch Strong daily support.
Here is my reasons why i will try to find low for open my long position. i will update that post with trading signal.
Always make your research!!!!
We all saw Bitcoin bull run after ETF approval that means institutional are still in this game. at the moment last all time high we have at 73800, after that we saw rejection from sellers which tested well the strongest daily support.
If we we look at the picture from far we will see some technical signal which is head and shoulders, this technical movement gives me short signal but ill tell you some reasons why i think at bitcoin long.
First - Bitcoin has pretty bullish movement and this fall after all time high was logic, all market need correction after strong movement.
Second - Bitcoin touch to daily support at 61000$ where buyers long and we saw 8000$ movement in only one day. Yeah that's right bitcoin price came back to that zone but buyers are still active
Third - USDT dominance (index of Tether dominance on market) is still pretty bearish, USDT dominance after strong fall, came into 1 week Fibonacci high volume buy zone, got rejection from buyers but that rejection was not enough and for me it was correction of that index after strong fall.
Fourth - Bitcoin has still bull run, the last movement, what was today, for me that is continuation of trend and daily candle which closed 8000$ upside movement, after touch Strong daily support.
Here is my reasons why i will try to find low for open my long position. i will update that post with trading signal.
Always make your research!!!!
Note
It was pretty good trade!Note
Get ready for new all time high.Note
Still in this position, if price will come back again to my entry point then i will close it in small lose.
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