Bitcoin at Support, We need to bounce from this support area, failure to bounce we may go down to 40 -39K, we have alost 8 hours to daily close! Bulls should fight back
Bitcoinscenarios
BITCOIN DOUBLE DOUBLE BOTTOM BREAKOUT NOW!!Bitcoin is forming a DOULBE double bottom pattern right now. The larger double bottom (in orange) has a neckline of 33.8K. Within this larger double bottom is a smaller double bottom (in blue) with a neckline at 33650. The neckline of this smaller double bottom has just broken as I am typing this. Scaling into a position here gives a better entry price but entering on a break of the larger double bottom neckline at 33.8K is a higher probability entry.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
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Bitcoin Short @35K OR straight collapse to 30K?Bitcoin has seen a very bearish few days after getting rejected from 41K. Ever since that rejection and the break below the 200MAs on the 15Min and 1H chart, price has been unable to recover above it. The most recent test of the 200MAs on the 15Min resulted in a rejection and prices fell even lower. We are seeing a slight bullish RSI divergence, so price might rally a bit from here. Currently the 200MAs on the 15Min sits at around 35K, so i will be looking for a potential short in that region if the RSI divergence leads to price to get back to that region. Of course, if price breaks below 32K, then this bullish divergence is invalidated and we might fall to 30K right away. Be cautious fellow knights!
Hi guys, this is OG back with another cryptocurrency update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Bitcoin (BTC/XBT) Potential Inverse Head & ShouldersHi guys, this is OG back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
On the 15Min TF, Bitcoin is potentially forming an inverse head and shoulders pattern. The right shoulder has yet to be formed and the neckline is at 38.2K. If price breaks above 38.2K with volume, then I will consider taking a long. If price below the head of 37.2, then this inverse head and shoulders pattern will be invalidated. I have alerts set at both of these price points so I can react based on price action. Again, I'm not longing right now, I'm waiting for a break above the neckline for a long.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Elliott Wave: 4th wave, get ready to go down, build the 5th wave🎯 I focus on Modern Elliott Waves (Neowave) because this strategy gives me objective to start entry and stop levels. #BTCUSD
📚 According to the Wave Theory: wave 4 cannot cross generally the bottom of the 1st wave in impulse waves .
So, we can use the bottom of the 1st wave as an invalid level for a bearish outlook 🤓
Such trades give a limited risk, and the potential reward is always several times greater than the risk. Just what we need!
Bitcoin Bullish RSI Divergence on 15MIN Enough to Reverse Bear?Hi guys, this is OG back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Today's post will focus on the micro 15Min Timeframe. After rallying from 31K to 41K, price attempted to break higher but got rejected at the 41K level. In formed a classic false breakout setup where price closed above the resistance level of 41K, and then immediately reverses and closes below the resistance level, trapping breakout traders. Since that rejection, price has moved down about $3000.
Price just formed a bullish RSI divergence on the 15Min TF, whereby while price made a lower low, RSI made a higher low, followed by a large body bullish candle. This typically indicates that the immediate bearish momentum is taking a break and price will likely move sideways or slightly up in the immediate term. That said, if the swing low of the lower low fails to hold, then the RSI bullish divergence would have been a fakeout to trap bottom-buyers, which means that price will likely move lower. Therefore the 38.5K level is very important, as if that level breaks, we are likely to see continued bearish momentum, so do keep an eye out for price action at that level.
Check out my technical analysis video for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Bitcoin Bullish Trend Reversal at Critical Resistance! New ATH?Hi guys, this is OG back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Market Recap:
Bitcoin went on a massive rally this weekend. Not only did we break out of the W bottom neckline at 36.2K, where I called for a long in yesterday's post (you can check it out in the linked ideas section), price also broke the resistance trendline of the the multi-week symmetrical triangle at 37.5K. Even more bullish is the fact that Bitcoin rallied all the way up to 39.8K, putting in a higher high on the higher timeframes for the first time since the crash down to 30K. This is very significant, as Bitcoin has now formed a pattern of higher lows and higher highs, which is the definition of a bull market. In other words, the trend has changed from bearish to bullish.
Trade Setups:
The change in market structure is undeniably bullish, but we should still exercise caution, for three main reasons: 1. This breakout occurred on a weekend instead of on a weekday, which would have been a higher conviction move, 2. Bitcoin has had a habit of fakeouts and false breakouts in the past few weeks, falsely breaking up and down multiple times to trap and liquidate both bears and bull, 3. Bitcoin is now at a critical resistance level as it is testing the 200MAs on the 4H timeframe. If we get rejected here, it might trigger further continuation to the downside. As it is the first time that price is testing the 200MAs on the 4H TF since the breakdown, there is a high likelihood that price will struggle to break through unless there is some major catalyst. The big question now is will we get rejected here and continue the bear trend or break above and start the journey to 65K and new ATH. Either way, expect turbulence and volatility.
Trade Setup 1: I will be looking to add to my long if we can close above the 200MAs on the 4H TF, especially if we break above and come back to retest it as support.
Trade Setup 2: I will be looking to close my long and maybe even open up a small short if price gets rejected here at the 200MAs on the 4H TF.
Trade Setup 3: I will be looking to add to my long if we retest the 200MAs on the 1H TF at 37K and successfully bounce off of it as support, as shown below.
If there are coins you want me to analyze, leave it in the comments section below!
Check out my technical analysis video for more in-depth analysis where I cover altcoins and more trade setups.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Bitcoin Breakout Target Hit! Bear Trap & Bull Run To Continue?In yesterday's post, I mentioned that Bitcoin broke out of the inverse head and shoulders pattern after we got a bullish RSI divergence and that it was a good place for a long with a price target of 36.5K. That price target has been met, with price rallying as high as 37.5K. Price is now back within the symmetrical triangle and above the 200MAs. This is one of the three scenarios that I mentioned in my post 2 days ago, in which i laid out the path for price to break back into the symmetrical triangle, retest the bottom of the triangle as support and then rally up. So far we have seen price come back within the triangle, retest the triangle as support, and started another leg up, exactly as laid out in that post.
The next level to watch for the bulls is the triangle resistance at 38K to confirm further bullish momentum. On the downside, the triangle bottom of 36K is the level to watch. I break above 38K or below 36K could signal another big move in that direction. If price continues to go rally, we might have seen one of the biggest false breakdowns / bear traps in Bitcoin history, as the entire area from 35K to 31K, the area between the break below the triangle and then reclaiming back within the triangle, becomes an area that has trapped a large amount of shorts. These shorts could also serve as explosive fuel to the upside should price rally further and start to trigger more short liquidations and cause a short squeeze, where shorts are forced to buy in order to cover their short positions. It is still a bit too early to say that this is definitely the case, but a break above 38K would further confirm this thesis.
As always, I’m not a financial advisor, do your own research, and stay safe!
Bitcoin Symmetrical Triangle Breakdown Trade SetupsBitcoin has been stuck in a symmetrical triangle after the initial head and shoulder breakdown from the ATH of 64K. While we might have preferred for Bitcoin to break to the upside, we noted that the false breakout to the upside that we did have substantially increased the likelihood of a break to the downside, which is what has occurred. Price broke out of the triangle to the downside with strong volume and have continued to the downside following the initial break. If you missed the initial short at the point of the breakdown, here are three potential trade setups to watch out for:
1. Short on retest and rejection at the point of breakout, which is likely to be around the 35.5-36K region.
2. Long on a reclaiming of the symmetrical triangle if price rallies back within the triangle and establishes the bottom of the triangle as support.
3. Long on a false breakdown at 30K if price breaks below 30K and then quickly recovers above 30K with strong volume
I personally wouldnt be opening up a short right now, as even if we are in the beginning of a major leg down, there is a high likelihood that we at least retest the point of breakdown before doing so, Of course, it. is up to you if you want to open a short here and perhaps add to the short if prices retest the point of breakdown or if price definitively break down below 30K. How you choose to play and trade this current structure is up to you, I can only provide the potential scenarios based on technical analysis.
As always, I’m not a financial advisor, do your own research, and stay safe!
Bitcoin (BTC/XBT) Analysis 2021/05/28: Head and Shoulders Break!Bitcoin has been struggling to get above the 40-42K region of resistance, and in fact printed a head and shoulders pattern. It has just broken the neckline of this head and shoulders pattern @ 37.5K. Price could potentially fall to 33.5-34K based on the target from the Head and Shoulders pattern. Please exercise extra caution.
As always, everything is just my opinion and is not financial advice, please DYOR, and stay safe!
Bitcoin (BTC/XBT) Daily Technical Analysis 2021/05/24Price Action
Bitcoin has been in a sustained downtrend since the break of the Head and Shoulders pattern at 42K. Since then, support has been continuously flipped into resistance, as we can see at the 42K level and at the 38-39K zone. As Im typing this, we are once again in one of these support/resistance flip zones. 35.5K was the last point of breakdown, and we are now retesting this zone. It will be very important to see if bulls can finally have a minor win and reclaim the 35.5K zone and close above 36K. If bulls can manage this, then we might see bullish momentum come in and start to break the many resistance levels above. If bulls fail here and again turn support/point of breakdown into resistance, then we are likely going to break below 30K
Market Structure
Bitcoin is now trading in a descending channel after the V-shaped bounce from the crash to 30K. Price actually tested and bounced off of the channel support at 31K, which gave price the momentum to retest the breakdown point of 35.5K. In a descending channel, price generally move down while bouncing between the top and the bottom of the channel, until price prices one way or the other. The bottom of the channel is getting very close to 30K, so if we break the channel to the downside, then very like we will also be breaking 30K.
Key Areas
Some key levels to watch for:
1. The current level of 35.5K: a break above will shift momentum from bears to bulls while a rejection here will continue the overall bearish trend
2. 30-31K: This is the confluence of the bottom of the channel and the low of the crash. This level must hold or we could crash much lower
3. 38-39K: If bitcoin is able to reclaim 35.5K, then the next resistance level will be the 38-39K zone. It will likely also line up with the top of the channel and the 200 period moving average, so likely will be a strong resistance. It is the level that we must break to continue the bull run.
As always, everything is just my opinion and not financial advice, DYOR, and stay safe!
Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/05/23Hi Tradingview Crypto Community!
Latest Price Action:
Bitcoin is again showing signs of weakness as I am typing this. Yesterday Bitcoin attempted to break above the critical $38-39K support and resistance flip zone on 2 occasions and got rejected both times. The second attempt price actually traded within the 38-39K zone, giving temporary hope to the bulls, but unfortunately price wasn't able to break above the zone, and now price is slowly bleeding downwards.
Support Levels
On the downside, the most immediate support is at the 35.5K zone. This is a confluence of a minor 61.8 Fib level and also the previous minor swing low. We need to hold above this to maintain higher highs and higher lows structure, even if it is just a minor pattern. If not, we are likely to see 34K and then finally 30K, the low of the crash. And if we break that, then the previous ATH from the last cycle of around 20K comes into play.
Resistance Levels
On the upside, the first major level is still the support and resistance flip zone of 38-39K. This is currently the most important zone for bulls to start mounting a meaningful comeback. Bulls must close above this zone to start flipping the bearish momentum to bullish. Once this zone is reclaimed, the next level is the point of breakdown of $42K. Above that, we have the low of the initial impulse move down at 46K. Further above we have 52k, 54k, and finally 59K, the right shoulder of the H&S from which we broke down as the final major resistance level. When that is cleared, bulls can challenge the ATH of 65K and create a new ATH.
Lets take things one step at a time, and I will keep you guys updated as new structure and price action develops.
As always, everything Im sharing is personal opinion and not financial advice, and stay safe!
Bitcoin (BTC/XBT) Daily Technical Analysis 2021/05/22Bitcoin broke down from the symmetrical triangle and closed below the 38-39.5k zone. Consolidated there for a little bit before moving down a second leg (very typical after an initial large break of structure) down to the golden pocket of 34.5k, where it has had a nice bounce. It is now retesting the point of breakout at 38k. Bulls need to close above 38k in order to reverse the immediate bearish structure and bearish momentum and potentially even start to put in some bullish structure.
Bitcoin symmetrical triangle break will decide market futureBitcoin forming a symmetrical triangle / bull flag. Very important to see which way this triangle breaks. Especially since it will line up with the horizontal support and resistance zones that we laid out.
Bitcoin (BTC/XBT) Daily Technical Analysis 2021/05/21Bitcoin is at a critical price zone of ~$40K, which way price breaks will likely determine if we can continue the bull run or if we will start a prolonged bear market.
Taking a look at the charts, we see that after price broke down from the $42K level of support, price rapidly collapsed down to $30K. Price then rapidly recovered in a V-shaped recovered back up to the $42K point of breakdown. On the first attempt to break above $42K, price reached a high of $42.5K but got rejected and formed a higher low @ $38K. Price then attempted to break $42K a second time, but again failed to do so, and actually wasnt able to get as high as the 1st attempt, thus forming a lower high @ $42.2K. Thus we have a higher low and a lower high, indicating market indecision and consolidation, somewhat forming a triangle pattern.
The critical levels to watch are $42-42.5K on the upside and $38-39.5K on the downside. A break and close above $42-42.5K will likely mean that the bottom has been put in, while a break and close below the 38-39.5 zone will likely bring about further price collapse. Right now, as Im typing this, price is testing the 38-39.5 zone. It is critical for the bulls to bounce here and form a third higher low and then retest the resistance zone of $42-42.5K, otherwise there might be more pain coming.
Of course, in trading and investing nothing is guaranteed and technical analysis is only probabilities, never a guarantee of what will happen. As I said in my posts in recent days, markets are being manipulated right now on the derivatives markets. These moves are due to liquidations and not organic spot buying and selling. Id recommend against taking on leveraged positions, either long or short, at this point in time until markets start to calm down and form some structure.
Everything Im sharing is just personal opinion and not financial advice. As always, stay safe.
Bitcoin Long Entry or Deadcat bounceIf Bitcoin manages a daily close above $43K, we will have a massive bullish engulfing setup on the daily timeframe at the 200MAs. This could potentially be a great buying opportunity unless the whales decide to fake us out again.
As the markets continue to develop, I want to share with you my latest thoughts and how im personally positioning my portfolio. This is not financial advice, merely sharing my own strategy.
There is no doubt in my mind that the move in recent days was coordinated whale manipulation. Whether its Musk, China, Justin Sun, 4Chan, or a mix of these, i dont know. and i cant say for sure that the rumors about these guys trying to push price down to 25K is or is not true and if they will succeed if they do attempt to do so. which is why before we broke the H&S at around 48-50K, i took some profits and moved the majority of my remaining portfolio to btc. this way im covered either way. Ive learned from 2017 that you cant be too greedy. it is taking profits that actually allows you mentally to be able to hodl.
I've sold pretty much all of my alts except for uni (my defi play) and dot (my L1 play) and some BNB for fee reduction
my logic is this: if weve entered a bear market, im ok hodling btc, because in the next cycle, it will recover. btc isnt going anywhere. same thing cant be said for most alts. you dont want to hodl something to 0. if on the other hand, this whole thing was an engineered capitulation by institutions before the real bull run, BTC might actually outperform alts as they will be looking to acquire btc first (in fact, the thinking here is to hodl coins that institutions would scoop up, which wont be your rank 687 coin on cmc, also partly why i have UNI, because listing of coinbase on nasdaq has shown these traditional financial institutions the profit model of exchanges). and even if alts start to outperform btc, im ok with less profit for the lower risk and i would most likely still have time for markets to create structure for me to rotate some btc to alts.
Bitcoin / BTCUSDT potential bottomWe might have potentially just bottomed on Bitcoin. We have two main indicators confirming this. For one, we have a bullish divergence on the 4H timeframe where price is going down but rsi is moving up. Secondly we just had a false breakdown setup where price closed below support of 43k just to bounce and close above 43K, likely creating a bear trap. I’m personally entering into a small position here as I had taken some profits a bit higher up.
That said, I’m not going in full position just yet as markets are still in a downtrend and musk is having an outsized impact on the markets, throwing traditional TA somewhat out of whack.
Lastly, I’d say be very careful, especially leverage trading.
Can Bitcoin Beat the technical bear trend?Bitcoin is currently in perhaps the most critical point it has been during this entire bull run. It has technically printed lower lows and lower highs after getting rejected at the golden pocket.
There is a lot going on, both from a technical and fundamental perspective, so I will break things down one at a time.
From a technical perspective, we see that Bitcoin has been in a rising channel since February and reached an ATH of $65K in the middle of April. Near the end of April, Bitcoin printed a lower low @ $47K where it temporarily broke below the channel before quickly getting back within the channel, upon which price started to rally. The key area from that point was the golden pocket of $59-60K. Bitcoin needed to break above that zone in order to invalidate the lower low and continue the uptrend. Bitcoin spent many days retesting that level multiple times. Just as it seemed as if Bitcoin would finally break through $59K, Elon Musk's tweet sent the price of Bitcoin crashing to a low of $46K. And thus we now have a lower low, followed by a lower high, followed by a lower low, which technically means that we have entered into a bear market.
That said, I'm currently not panicking just yet. For one, the latest lower low is only slightly below the last swing low, and it is on a flash wick and not.a candle body close. If we were to close below $47-46K while we formed the lower low, then I would be a lot more concerned. The second reason is that this correction looks very much manipulated with coordinated fake FUD (Elon Musk tweeting that Bitcoin isn't good for the environment, articles saying Binance is being investigated when in fact they were assisting the authorities solve a case, etc...), and to happen at such a critical junction of $59-60K is just too much of a coincidence. During the past market tops, we only had bullish news to keep the retail investor from selling in order for the whales to cash out. So if this were the top, it would be strange for the big players to let all the retail investors know that now is the time to sell (who would buy bitcoin from them if everyone is selling?).
So thats the bull and bear summary. While I am not panicking yet, I will be monitoring the markets on a macro level very closely the next few weeks. In the immediate term, two levels to watch: 1. we need to close above $52K to get back into the channel (like we did previously). 2. on the downside, a close below 46K and then falling below 40-43K might mean this bull market is indeed over.
Another indicator to watch is how capital cycles through the market.
Two scenarios:
1. if bull market is over, we will see ETH possibly double, then the majors such as dot/ada/link go on a rally, and then the mid/small cap alts rally, all the while bitcoin is sideways/doing down slowly but steadily, and then investors cash out into USDT, and everything catches up to Bitcoin in terms of falling in price.
2. if bull market isnt over, bitcoin will start to rally alongside alts and once we cycle through the large->mid->small cap, capital flows back into btc (this is key, if capital flows to usdt instead of btc, then likelihood of bull market being over is quite high)
Hope this post provides some macro perspective and helps you to make a more rational and calm decision instead of reacting emotionally to the market volatility
Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/17Market Overview
Price Action: Bitcoin took a large dump after establishing a new AllTimeHigh @ $62K. It has found a temporary bottom at $53K, but is still at risk of a larger fall unless we start to break some resistance levels to the upside, including the 200MAs, the upper end of the ascending channel, and finally the 61.8 Fib.
Patterns: There is an ascending channel that price is so far following. Price should continue to go up in this channel. It will be critical for price to break above this channel, otherwise it risks being a very large bear flag that leads to a much larger 2nd leg of the dump.
Areas of Interest: The area(s) of interest for me are the 61.8 Fib @ $58.6K and the Support @ $53.2. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time. Of course, it is possible we just pump to ATH of $58K directly from here, in which case we will be looking for trading opportunities at that level.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Long Trade Setup #1: False Breakdown
1. Price Action: Price breaks below the then rapidly climbs above $53.2K, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming
Short Trade Setup #1: Retest and Continuation (61.8Fib)
1. Price Action: Price needs to move back up to the 61.8Fib @ $58.6K and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
My Recent Trades
2021/ 03/15: I had a winning trade! I entered long @ $$60,000, SL @ $$58,705, price reached a high of $60,633.4, giving a risk reward ratio of 0.5:1.
2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/12Market Overview
Price Action: Bitcoin continues to inch slowly, but surely, upwards towards the AllTimeHigh of $58.4K. In fact, price came within a couple hundred dollars of the ATH. The fact that price is retracing but not collapsing from the retrace indicates that so far there hasn't been a major rejection from that resistance level and that we are likely going to have further attempts at the ATH. What price action looks like during those attempts will be key in determining whether $58K is a double top or if it will turn from resistance to support and propel prices to $70-80K+.
Patterns: N/A
Areas of Interest: The area(s) of interest for me are the 200MAs @ $56-56.3K and the highs/ATH @ $58.2-58.4K. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time. Of course, it is possible we just pump to ATH of $58K directly from here, in which case we will be looking for trading opportunities at that level.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $56-56.3K by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming
Long Trade Setup #2: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to $58.2-58.4K and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming
Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $58.2-58.4K, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out
My Recent Trades
2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
2021/ 02/22: I had a winning trade! I entered long @ $56,850.0, SL @ $56,379.0, price reached a high of $57,274.0, giving a risk reward ratio of 0.7:1.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
BTC : Diamond on the horizonThis Diamond formation in H1 will likely surge the price violently weather up or down, bets are open I go long personnally.
Safe trade, don't bet like me and wait for breakout for confirmation.
Cheers !
Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/02/26Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
If you like this post, please support me by clicking the like and follow buttons. Also feel free to share your thoughts and analysis in the comments below!
And don’t forget to check out my daily analysis on Bitcoin, Ethereum, and Altcoins!
Market Overview
Price Action: Bitcoin broke above the 200MAs, but unfortunately when it retested 200MAs as support, it failed to hold up, and price broke below the 200MAs once again, leading to a much larger selloff as price failed to rally to the upside. That opened the door for a test of the lows @ $45K, and perhaps even opening up the potential for a correction all the way down to $40K.
Patterns: N/A
Areas of Interest: The area(s) of interest for me are the lows @ $45K and the 200MAs @ $49.5K. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Long Trade Setup #1: False Breakdown
1. Price Action: Price breaks below the then rapidly climbs above $45K, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $49.5K by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
My Recent Trades
2021/ 02/012:I had a losing trade. I entered into a long @ $47,810, SL @ $46,647, and trade hit stop loss.
2021/ 02/04: I had a winning trade! I entered long @ $$36,819.0, SL @ $$36,528.0, price reached a high of $37,783.8, giving a risk reward ratio of 3.3:1.
2021/ 01 /31: I had a winning trade! I entered long @ $33654 SL @ $33292, price reached a high of $34220, giving a risk reward ratio of 1.6:1.
About Me
I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
I have worked on Wall Street trading bonds, stocks, and options.
I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
Why Follow Me
Daily analysis on the latest market movements and price zones for high probability trade setups.
Sharing of live trades that I take.
A great place to help each other, learn from each other, and grow together.
Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
Constantly testing and adding new trading strategies and refining battle-tested ones.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
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