BTC/USDT : Low TF trading plan.

Updated

Hello everyone 😃

Just wanted to clear some thoughts and have make a trading strategy for those who interested into trading on current market's situation; Also I added some points for long-term vision, So read this article till end 😉

I will talk about three things on this article :
1️⃣ Chart's direction and technical analysis
2️⃣ Recent fundamentals definition
3️⃣ On chain data analysis

1️⃣ Chart's direction and technical analysis :
LTF wise I'm willing to take a long if we sweep below and aim for the FVG.
If we sweep below first and then break the H12 that's a good bias for longs at that level...
but if we tap the H12 level first and then sweep I probably wouldn't long the flip of the H12 anymore !
📌 Also according to volatility, It have a bearish crossover and so we may see the daily open...

2️⃣ Recent fundamentals definition :
- Elon Musk : Right now Elon is focusing on his meme coin ( DOGE ) and so he just tweeted a new FOMO idea about DOGE and he said that he won't sell any of His Dogecoins holdings.
It can be good for whole market (in short-term), But as we are talking about it, 66% of people are not trusting Elon's word and they called this tweet as a bearish sign and 88% of traders disliked his tweet. (This information are provided by other source's data)

- Vitalik Buterin : As I'm writing this article PlanB and Vitalik are believing into a possible risk if BTC shows another weakness and it can rejects the pair below the major bullish trendline which is leaded the Bull Run from beginning !

- U.S. Treasury Wants to Ramp Up Cryptocurrency Tax Enforcement : The United States Department of the Treasury is calling for cryptocurrency transfers that exceed $10,000 to be reported by businesses to the Internal Revenue Service starting from 2023,
The new initiative is part of the Biden administration's revamped tax enforcement plan.
The Biden administration is also seeking to double the IRS staff with $80 billion in additional funding, according to the Wall Street Journal.
🔰 For now it can't affect the market and my worries are just starting with the on chain data. !

3️⃣ On chain data analysis :
According to exchanges BTC's balance, The day started with -3895 BTC in TOTAL and Now As I'm writing, It's changed into +6956 BTC in TOTAL !
This information are recorded without the recent 10000 BTC inflow to BitStamp exchange.
Actually; We are standing with +50K BTC in last 7Days's change, Have to mention that Binance more than +17.5K BTC's change in last 24Hours...

Now According to RSI indicator we are standing above a supportive trendline, But Based on mentioned information we may see another dip which should be located around last ATH's support zone now !

🔰 Based on current funding rate; We have to retest a major support level and close a daily candle in green status to refresh the funding rate.

📚 I'm Predicting on important dates that can change the market's condition ( They are like pivot lines with a little difference ), One of them was 19th May Which I predicted a sharp dive and quick bounces after it. Also I mentioned that it could be a 30% dive after China's FUD.
Then next located date is 25th May; I'm so sure about the exact direction for now, But I have a filling on FVG line and another rejection to lower levels to form a double bottom on daily chart !
I will update my vision If it's needed...

📌 There are few important trendlines that can help you in your decisions :

Hope you enjoyed our analysis about Sentiment view on BTC's possible directions🙌
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Also you can share your opinion with us in comments 😉🙋🏼‍♂️

Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
Helical_Trades

Note

This is my main Idea which has been modified from Avesta Gharib ( Special thanks for his great overview ! )

You can use the mentioned levels to take a SHORT will a tight Stop-loss ( below 1% )
There are two points with Great Risk/Reward ( More than 20 )

I will update my vision if it's needed !
Follow my main idea and gain your money ;)

Helical_Trades

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