Another opportunity from Mr. MarketA recent all-time high. Market making a small correction now.
Look for a long term buy opportunity.
If the price comes to this zone, should make a bullish reversal on a smaller time frame.
Best
Buying_opportunity
BTC pierced the EMA50 + FUD - what now?Dear all,
this is my first post. I really appreciate the TV community and the contribution every single poster is trying to make to help others. From now on, I want to be part of it.
Situation:
Looking at the chart, we can see that BTC denied the formation of another bullflag after yesterdays sell-off. Most importantly, it did not only deny the flag, but made its way down to the EMA20 (orange) and EMA50 (blue). EMA 20 was pierced decisively, while EMA50 was shortly pierced. At this very moment, it acts as support (IMO short-term support) and pushed BTC upwards to ~$8700. On the MACD we can see a bearish crossing forming. If EMA50 is pierced decisively and the MACD crossing takes shape the selling might not be over yet.
Short-term strategy:
I closed my shorts @ $8650 and will now wait what the market has to offer.
My long entry level is around the fib retracement level of 0.382 or ~$8500. If we go down that road, I expect a small pullback and a short-term profit opportunity. Of course, if market changes direction decisively, I will adapt. But a correction to the 0.382 level would be a healthy movement, which could fuel BTC with new power to press through the resistance in the 9100-9200 area. For now I'm on the sidelines and watch. The next hours will be very important for the further direction of mother BTC.
Happy trading everyone!
Fundamental NOTE:
Rumours about Binance appeared a few hours ago. Nikkei is reporting that Japan's FSA plans to issue warnings against binance due to not being registrated as exchange. In addition, links to child-pornography were recently found on BTC blockchain (even though this info was already released a few years ago). This might have caused selling as well. Remember, this market is still in very shaky hands - FUD like this emerging to be true can easily derail BTC again.
Links:
www.reddit.com
www.theguardian.com
Dollar Index a great Buying OpportunityIn this article I will be doing Elliott Wave Analysis of the Dollar Index, as you can see from the current count that we are in a Wave 4 of a higher degree Wave 3, hence it calls for a buying opportunity.
I believe that the 38.2% level that is coming near 100.24 should act as a Region of Support and hence buying can be initiated there.
Strategy :
Wait for reversal near 100.24 to buy.
Stop Loss : Close below 98.97 or as per your Risk Management
Targets :
T1: 103.94
T2: 105.08
T3: 106.22
Please note that as per this analysis more upside persists but these are the targets in the short term, I will look at further targets in a later post.
