Long

BTC, long, levels

Updated

It looks like bitcoin goes up.
And here's why:
- MRI Buy Signal
- on the lowest candle in the swing
- The lowest candle with a nice bounce
- MRI caliper was not broken (the shadow is not considered as a breakdown)

Important levels on the chart.

Can bitcoin go further down?
This should not be ruled out, although the signals are bullish.

Disclamer: I'm sharing my thoughts and not giving financial advice. All decisions are your own and you are responsible for them.
Have a plan for the situation if something doesn't go your way.
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Still not ruling out a cup and handle scenario, but the handle would be the structure I thought I would see as a cup.
MACD could create a bearish crossover.

Waiting for news from Facebook today. Maybe FB will say they bought bitcoin. Maybe they won't. The price will be affected accordingly because this rumor lives on in different channels.

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it looks like we should forget about the cup and handle. Here's another idea. Saw it from a very strong chartist. It's better to watch it on the 1-hour chart, but then the arrows don't fit.

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rejected by SMA7 on weekly chart & SMA50 on daily.

Fibonacci retracements: some levels are also historical supports (blue dashed lines). That's good.

MRI on the 4-hour chart: on the 4th candle. If the trend continues, 5 more candles and there will be an MRi Buy

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Unfortunately, I underestimated the resistance of the former trend, I thought it would not play a role. Maybe it will be broken by the next candle (which will be the MRI Top), and will bounce down from ~59,500 on the 1-4 correction candles.

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MRI Top was not at the top of the swing, but the fourth candle from the top. That is, we are rather talking about a candle in the correction. This means that we shouldn't wait for 1-4 candles of correction. Unless, of course, in the remaining 50 minutes the current candlestick will grow into the 60k area, which I do not believe.

At the same time, a triangle is starting to form.The current pattern I do not declare as a triangle, but it may become one. If we don't go below 57,116

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Maybe.
A break down is also possible, but the daily and hourly MRI trends are bullish.
I assume one more touch down, a rise and a breakout at the top.

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What I don't like is that the last swing low is lower than the previous one.

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It's hard to say anything definitive about the situation. Until I understand it, I don't trade.

The triangle showed a false break, then the price fell down to the MRI support on the 1-hour chart. The current candlestick can't figure out what to become - number 8 or 1. It needs to close below 4 to become an 8, and that would almost certainly be a breakdown of the MRI support. I want number 8, but I don't want to break support.

I'll describe the volume in a few minutes

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The MACD shows a cross on the 4-hour chart, but I think the indicator is late and points to a decline that has already taken place. Premium and Funding Rate are slightly bearish.

weekly chart in 2 mins

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It should close above the yellow SMA on the weekly chart. And it would be good on the daily chart.

In general, I do not assess the situation as critical. I am 70% bullish, watching the development of the chart.

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on the 1-hour chart swing low and swing high are lower than the previous ones. I hope that after the third attempt to break the MRI support the bears will give up. If there will be a third attempt.
But even if the bears break through the support, the price probably will not go below 55k, there is strong support. And the bears can't break the support on the 1hour MRI right now.

Looking for an entry point.

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stop buy above 57 130

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Damn, I hurried up. Didn't put a resistance level from the triangle and didn't take it into account.
Let's see what level will be broken. Top or bottom. Either way, it's now high above the past high.

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Is a bullish triangle starting to form? It is too early, of course, to declare it as a triangle. But it's time to hope :)

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On the hourly chart, the pattern can be called a triangle. There are two touches at the bottom and at the top, it needs three. Hopefully now the third one will take place in the upper area and turn into a breakout.

If so, the price can go up to the 58,500 area and it would be great if it ends up above 58,458 (binance).

Support, looking from the 58,500 area, would be around 57,900 and 57,300.

Trade closed manually

I'm closing the topic. Wrote a new post.

z2x2

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