Long
BTC/USDT Possible Long Trade Idea
BTC/USDT DAILY CHART ANALYSIS
Intro
BTC price breaks below its ongoing uptrend trendline since December 2020.
Observations
1. Historical data shows that the price attempted several times to retest the 50 moving average, always, failing to close under.
2. Price broke below the trendline once in the end of January 2021. Aftwerwards, the price action continued its rise.
3. The price did recently break below the trendline.
4. RSI historical data shows that BTC price never dipped lower than around 40 level since October 2020.
Conclusion
If bitcoin's price action history repeats itself, then a long entry at this level would be a potential swing trade, and a sweet entry. For safer entry. a rejection or a bullish pattern would usually signal a long entry for retail traders. If by any means the candles close under the 50 MA, this will be a new scenario, and could possibly signal a new phase in the crypto currency's cycle. However, I have longed BTC at 55,900 and my position is still running.
Please do share your thoughts or questions in the comment section, and don't forget to like my idea if you agree with it.
Intro
BTC price breaks below its ongoing uptrend trendline since December 2020.
Observations
1. Historical data shows that the price attempted several times to retest the 50 moving average, always, failing to close under.
2. Price broke below the trendline once in the end of January 2021. Aftwerwards, the price action continued its rise.
3. The price did recently break below the trendline.
4. RSI historical data shows that BTC price never dipped lower than around 40 level since October 2020.
Conclusion
If bitcoin's price action history repeats itself, then a long entry at this level would be a potential swing trade, and a sweet entry. For safer entry. a rejection or a bullish pattern would usually signal a long entry for retail traders. If by any means the candles close under the 50 MA, this will be a new scenario, and could possibly signal a new phase in the crypto currency's cycle. However, I have longed BTC at 55,900 and my position is still running.
Please do share your thoughts or questions in the comment section, and don't forget to like my idea if you agree with it.
Disclaimer
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