Whats up traders, I hope you've all had a good trading week.
Here we have BTC/USD on the 4H chart.
BTC/USD has been having a strong downside correction move after the strong upside rally previously. Price has been having a strong correction which has been highly extended, so now I am watching for levels for it to bounce.
After this correction finishes, it will be ready for a nice up move. Price is currently at a key horizontal support zone between 11900 and 12800, price has began to show a potential reversal candlesticks. The candles could suggest a change of command from the bears to the bulls, and I believe the bulls could potentially capture this move if the next few candles get the better of the bears.
If price fails at the current horizontal support zone between 11900 and 12800, price could move down to the lower support zone between 7400 and 8300.
If price begins a reversal at the current support zone, I am expecting an up move to the structure target of 15800. If price breaks down and hits the second support zone on my chart, I am expecting a bounce to at least 12000.
I have posted my other recent Bitcoin posts. I recommend looking at these so you can understand how I have came to my current analysis.
I will be providing the realtime buying signal for this trading plan in the "updates" section of this idea, if this post receives over 50 likes.
評論
⋅
I will be updating this analysis in a couple of hours, if my AUD/USD idea gets some more attention! (The idea previous to the idea you are viewing now on my TradingView profile page)
Want to assure there's a lot of people online as to not miss this next analysis. Looks like Bitcoin is doing some great things at the moment.
評論
⋅
Check my TradingView profile page now for my brand new analysis on BTC/USD !
My new post is an update of this analysis, and shows the ideal areas for a buy opportunity.
評論
⋅
Fresh analysis posted on BTC/USD and XRP/USD!
See my TradingView profile page for both of my latest analysis.
I completely agree with this assessment. I bought in increasing increments on the halves on the way down from 13500, tagging the wick @ 10500. If the price moves further to the downside I will continue to add to my position.
TomProTrader
⋅
@bird_brain, It's a reasonable approach, but add conservatively. :-)
bird_brain
⋅
@TomProTrader, I would never risk more than I can afford to lose.
@TomProTrader, cool, but did you examine 5MA and 10MA at 1D?
TomProTrader
⋅
@emregungor85, No. Reason 1: I don't use those. Reason 2: The moving averages only apply after the fact. So if price doesn't support, the moving averages are not applicable.
Always price action first, then the other indications are analyzed.
AfroRick
⋅
@bird_brain, I've been doing the exact same thing. I started getting uneasy as it got closer to 10 because I didn't want to over commit, but really nice bounce at 12-13 which is where my sweet spot was.
josephtse
⋅
Hi Tom - looks like 15,800/16,000 stuctural resistance is a key resistance area. I've been saying for a while this is one big head and shoulders top, people could not see it, but the right side of the head has formed now, and the left side of the right shoulder is now forming. It is possible this could be a bull trap and the run is over, and the rally will stop at 16,000, the height of the left shoulder. If this is a bull trap and the rally stalls out at 16,000, be prepared for a move down more than 12,000. That will be the neckline intial test, but it may break down, simply because this run couldn't get above 16,000 and to new highs like it was anticipated. If this is the case, then full 78% retracement is possible down to 8500 area. Need to play this very carefully, the parabolic top run could already be over, since it breached the major parabola, on a huge weekly red candle.