Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/05

2021年3月5日

Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
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Market Overview

• Price Action: After rallying to 52.6K, Bitcoin hit the 61.8Fib on the 1H timeframe and got rejected. Following the rejection, Bitcoin crashed more than 10% down to 46.5K, which is the 61.8Fib on the 15Min timeframe. It is now consolidating / slightly bouncing off of this level. In fact, there was a buy signal at this level, but due to the price volatility and overall bearish sentiment, I decided against taking the trade. Bitcoin needs to hold this level of support and rally sharply or risk going down to 43K and potentially even $38-40K.
  
• Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the 200MAs @ $48.6-49.3K. 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:

Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ 48.6K-49.3K by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out

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!

Do you think Bitcoin can hold and rally from here or will it go down to test 43K? Leave your thoughts, comments, ideas, and analysis in the comments below!

2021年3月5日

註釋

There was a typo on the chart. The 200MAs are in the 48.6K-49.3K range, not 47.3K