BITCOIN - Light Up Those Green Candles Baby
Updated
Hello everyone, rouzwelt here
If you have watched my last video analysis on BTC chart (link of the video at bottom of this page), you know that I've been pointing out the price reaction to the main down trend line (yellow down-sloping line), I have said that price have clearly rejected many times from this line and every time that was a quick rejection, I mean that as soon as price reached that down trend line it quickly rejected, and that actually shows us that we needed more time at lower levels to be able to see higher prices for BTC.
Another thing that I have pointed out in my last video was that in order for BTC (at least in my opinion) to be able to head higher, break the down trend line without faking out and also giving us good opportunity to enter a long position, the price needs to be able to find some sort of short-term support around the down trend line and spend some time around that line and I believe that is already starting to happen in the chart and we can soon see some bullish actions. Anyway If this happens that would be good indication that BTC can head to higher levels and even maybe be a good sign for us to start interpreting the price action in 30/40k range as an accumulation zone.
I have projected a possible price action for this scenario in the chart (green arrow), for me personally at this stage where we got so many fake outs and rejections, if I want to open long position I need to see some clear signal and a good entry point, this scenario if it happens would be that signal which I want to see. I should note that we are seeing some volume coming in at rallies high which is a good sign that more buyers are coming in and the demand is increasing but we need to see that in higher timeframes like 4H or Daily. But mainly the macro trend is downward and it's against us if we want to go long, so if we want to go long at this stage we need a tight stop-loss, just remember that.
But let me quickly point out that BTC can get rejected at this level like many times before and that wouldn't be a surprise at all, so we need to be prepared as I have been talking about wyckoff redistribution playing out in the chart which can dump BTC to lower levels and if BTC start rejecting at this point that actually can form LPSY of wyckoff method which in that case I'd be looking for short setups, I have projected the likely price action of this scenario in the chart as well (red arrow).
Anyway, either way, bullish or bearish, I'm going to be prepared, I have planned my strategy, entry point and SL for both directions and all I do now is I'll be waiting for one those scenarios to happen and I suggest that you start to build your own, too.
That's all for now, have fun and trade safe.
If you have watched my last video analysis on BTC chart (link of the video at bottom of this page), you know that I've been pointing out the price reaction to the main down trend line (yellow down-sloping line), I have said that price have clearly rejected many times from this line and every time that was a quick rejection, I mean that as soon as price reached that down trend line it quickly rejected, and that actually shows us that we needed more time at lower levels to be able to see higher prices for BTC.
Another thing that I have pointed out in my last video was that in order for BTC (at least in my opinion) to be able to head higher, break the down trend line without faking out and also giving us good opportunity to enter a long position, the price needs to be able to find some sort of short-term support around the down trend line and spend some time around that line and I believe that is already starting to happen in the chart and we can soon see some bullish actions. Anyway If this happens that would be good indication that BTC can head to higher levels and even maybe be a good sign for us to start interpreting the price action in 30/40k range as an accumulation zone.
I have projected a possible price action for this scenario in the chart (green arrow), for me personally at this stage where we got so many fake outs and rejections, if I want to open long position I need to see some clear signal and a good entry point, this scenario if it happens would be that signal which I want to see. I should note that we are seeing some volume coming in at rallies high which is a good sign that more buyers are coming in and the demand is increasing but we need to see that in higher timeframes like 4H or Daily. But mainly the macro trend is downward and it's against us if we want to go long, so if we want to go long at this stage we need a tight stop-loss, just remember that.
But let me quickly point out that BTC can get rejected at this level like many times before and that wouldn't be a surprise at all, so we need to be prepared as I have been talking about wyckoff redistribution playing out in the chart which can dump BTC to lower levels and if BTC start rejecting at this point that actually can form LPSY of wyckoff method which in that case I'd be looking for short setups, I have projected the likely price action of this scenario in the chart as well (red arrow).
Anyway, either way, bullish or bearish, I'm going to be prepared, I have planned my strategy, entry point and SL for both directions and all I do now is I'll be waiting for one those scenarios to happen and I suggest that you start to build your own, too.
That's all for now, have fun and trade safe.
Trade active
Scalping Trade:I have opened a long position at 34700 USDT.
My SL is below the last swing low (-2.6%).
My position is 5% of my total capital and I don't recommend more than that cause the macro trend is actually downward.
Please do your own DD before opening any position, as this is my own personal trade but you are free to trade it as well. But if you want to, please manage your risk appropriately.
Note
I'll be moving my SL to entry after a retest of trend line happens, if not and we head higher I'll be doing that anyway, but at first let's wait and see if we get a retest or not.Note
I want to close my position manually at entry, I don't like the price action and I don't see enough volume and demand for a uprise at this moment.If price starts to show some sign of strengths again I'll be opening my position again at the same price, but right now I see volume coming in at rallies down which is a indication of supply entering the market at this stage, if this structure continues I'll be opening a short position a confirmed break down of the yellow trend line or at its retest (if we get one).
Note
I believe there might be stop loss haunt with a good possibility, or maybe the breakout of the trend line was just a fake out and we see lower levels, as I have said many times, the whole macro trend is towards down-side, so for going long we must be very cautious adn use tight stop losses and even if we see early sign of momentum shift we should better close the long position manually, its called risk management.
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