BTC 42k target reached, clear skies ahead!
Updated
As mentioned before, Im just a day trader sharing my ideas, please DO NOT take them as financial advice, always do your own research.
As seen in my previous ideas, BTC was stuck in a range (46k-48k) for over a month, and it failed to breach the 48k resistance multiple times.
The 200ema (In the 1hr chart) was pushing its celing lower and lower and it slowly started ranging in lower values.
The 47k support finally flipped into resistance and today, the pair formed a descending channel, followed by a descending triangle right at the edge of support (46k), which was a VERY bearish sign.
As expected, this turned into a sharp fall to 42k followed by a quick recovery to 43.5k (At the time of writing).
This is EXACTLY what we were waiting for. BTC finally re-tested its lowest low and is gathering momentum to move up.
We'll see how the next few days play out for the pair, and the direction the Asian trading session takes (Starting at 00:00 UTC) is something we have to play VERY close attention to.
I hope you guys could take some profits and enter in some strong LONG positions.
Cheers!
As seen in my previous ideas, BTC was stuck in a range (46k-48k) for over a month, and it failed to breach the 48k resistance multiple times.
The 200ema (In the 1hr chart) was pushing its celing lower and lower and it slowly started ranging in lower values.
The 47k support finally flipped into resistance and today, the pair formed a descending channel, followed by a descending triangle right at the edge of support (46k), which was a VERY bearish sign.
As expected, this turned into a sharp fall to 42k followed by a quick recovery to 43.5k (At the time of writing).
This is EXACTLY what we were waiting for. BTC finally re-tested its lowest low and is gathering momentum to move up.
We'll see how the next few days play out for the pair, and the direction the Asian trading session takes (Starting at 00:00 UTC) is something we have to play VERY close attention to.
I hope you guys could take some profits and enter in some strong LONG positions.
Cheers!
Trade active
It will appear not enough buying pressure was found at this level, we can expect some sideways movement and perhaps a reach into lower levels, 42k, 41k. Be prepared for every scenario.Trade active
The Asian trading session took a turn to the downside and kicked off a phase of accummulation we can see progressing into London’s and New York trading sessions. The key levels are still the same. 43k is the main support which goes down to 42k, and we might see “grabs” down to 41k.
If this accumulation is succesfull, we can expect to see a rise in the nex few days, if not, a break under 40k will take us into a very bearish market.
So be prepared for every scenario.
Only if 40k is breached that we enter a bearish market and this idea is invalidated.
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.