BTC around $50k, Short term trade setups with different tf
Updated
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Quick glance: BTC is currently hovering around the $50,000 level. This level was last breached in mid-May this year. Although we are in a long-time bullish momentum zone, it is important to analyse the different timeframes for profitable trades. In this case, we have used a simple trading bot that is set to take trades on different price points. It is a straight-forward price action strategy without the use of any indicators.
Market in the last 24hrs
The past 24 hours saw Bitcoin consolidate and fell marginally lower than the $50,000 mark. It is anyway a psychological resistance level, and there was some profit booking. However, the traded volumes remained low and both the bears and bulls were watchful, which can also be observed from the small body of the daily candle.
Today’s Trend analysis
We are witnessing a positive momentum in the markets currently. However, we wouldn’t straight-forward buy Bitcoin at this point, as markets can be quite treacherous close to the inflection point.
We will use a simple bot that can enter both buy-sell positions based on different price points. These wouldn’t be leveraged positions. We arrived at those positions based on different timeframes.
On the daily timeframe, the bot will match two conditions for a long entry:
- Average volume candle for the past 3 days > Average volume candle for past 10 days
- Price greater than $51,178
The bot will also be capable of taking a short position if:
- Price crosses down $51,178
Similarly, the same bot will enter a short position on the 4-hour timeframe if:
- Price crosses down $48,580.
Crosses down implies price going higher than $48,580 and then facing bearish pressure and falling lower. $48,580 was a strong support and if the price falls lower than this, we will likely see a larger dip. Average volume candle for 3 days > average volume candle for 10 days gives a proper indication as to the trend in the market.
As already mentioned, this is a simple bot with a price action strategy based on technical analysis. The strategy is equipped with a hard stop-loss set at 5%.
Price volatility remained low at approximately 2.3%, with the day's range between $48,765.80 — $49,893.50.
Price at the time of publishing: $49,357.32
BTC's market cap: $928.88 Billion
Volumes have increased over the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: BTC is currently hovering around the $50,000 level. This level was last breached in mid-May this year. Although we are in a long-time bullish momentum zone, it is important to analyse the different timeframes for profitable trades. In this case, we have used a simple trading bot that is set to take trades on different price points. It is a straight-forward price action strategy without the use of any indicators.
Market in the last 24hrs
The past 24 hours saw Bitcoin consolidate and fell marginally lower than the $50,000 mark. It is anyway a psychological resistance level, and there was some profit booking. However, the traded volumes remained low and both the bears and bulls were watchful, which can also be observed from the small body of the daily candle.
Today’s Trend analysis
We are witnessing a positive momentum in the markets currently. However, we wouldn’t straight-forward buy Bitcoin at this point, as markets can be quite treacherous close to the inflection point.
We will use a simple bot that can enter both buy-sell positions based on different price points. These wouldn’t be leveraged positions. We arrived at those positions based on different timeframes.
On the daily timeframe, the bot will match two conditions for a long entry:
- Average volume candle for the past 3 days > Average volume candle for past 10 days
- Price greater than $51,178
The bot will also be capable of taking a short position if:
- Price crosses down $51,178
Similarly, the same bot will enter a short position on the 4-hour timeframe if:
- Price crosses down $48,580.
Crosses down implies price going higher than $48,580 and then facing bearish pressure and falling lower. $48,580 was a strong support and if the price falls lower than this, we will likely see a larger dip. Average volume candle for 3 days > average volume candle for 10 days gives a proper indication as to the trend in the market.
As already mentioned, this is a simple bot with a price action strategy based on technical analysis. The strategy is equipped with a hard stop-loss set at 5%.
Price volatility remained low at approximately 2.3%, with the day's range between $48,765.80 — $49,893.50.
Price at the time of publishing: $49,357.32
BTC's market cap: $928.88 Billion
- Out of 11 Oscillator indicators, 8 are neutral, 1 is bearish and 2 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 1 is bearish and 13 are bullish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
Volumes have increased over the past 24 hours.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
Trade closed: target reached
The bot entered a short position as price dropped below $48,580. We were trailing the position and the take profit set at 3% kicked in. The position was exited the at $47,510.6
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