BitcoinUpdated Revolutionize Your Bitcoin Trading: Top Price Action Techniques
BTCUSD Alexgoldhunter Analysis Using Price Action Techniques
Key Technical Elements
Break of Structure (BOS):
The chart shows multiple BOS annotations, indicating significant changes in market structure. The first BOS is marked around the 16th, showing a bullish breakout. The second BOS is marked around the 18th, indicating a bearish breakout.
Fibonacci Retracement Levels:
The Fibonacci retracement levels are drawn from a recent high to a recent low. The key levels are:
0.786: 103910.11 USD
0.705: 103376.675 USD
0.618: 102795.43 USD
0.5: 102012.5 USD
0.382: 101229.97 USD
These levels can be used to identify potential support and resistance areas.
Volume Analysis:
The volume bars at the bottom of the chart show the trading volume. Higher volume bars indicate stronger buying or selling pressure.
Relative Strength Index (RSI):
The RSI is shown with a value of 44.80, indicating that the market is neither overbought nor oversold.
Moving Average Convergence Divergence (MACD):
The MACD indicator is shown at the bottom, with the MACD line crossing below the signal line, indicating bearish momentum.
Buy Strategy
Entry Point:
Consider entering a buy position near the 0.618 Fibonacci level (102795.43 USD), especially if the price shows signs of reversal with increasing volume.
Confirmation:
Look for a bullish BOS and RSI moving above 50.
Target:
Aim for the 0.786 Fibonacci level (103910.11 USD) or higher. Partial profits can be taken at intermediate levels (0.705 and 0.618).
Stop Loss:
Place a stop loss below the recent low or the 0.5 Fibonacci level to minimize risk.
Sell Strategy
Entry Point:
Consider entering a sell position near the 0.786 Fibonacci level (103910.11 USD), especially if the price shows signs of reversal with decreasing volume.
Confirmation:
Look for a bearish BOS and RSI moving below 50.
Target:
Aim for the 0.5 Fibonacci level (102012.5 USD) or lower. Partial profits can be taken at intermediate levels (0.618 and 0.382).
Stop Loss:
Place a stop loss above the recent high or the 0.786 Fibonacci level to minimize risk.
Summary
Buy Strategy: Look for a bullish BOS, high volume, RSI above 50, and enter near support levels (Fibonacci 0.618).
Sell Strategy: Look for a bearish BOS, high volume, RSI below 50, and enter near resistance levels (Fibonacci 0.786).
Simple VIP Signal
ENTRY: 102795.43 USD
TP1: 103376.675 USD
TP2: 103910.11 USD
SL: 102012.5 USD
By using these price action techniques, traders can develop a strategic approach to buying and selling based on key levels and market structure. Remember to always manage risk with appropriate stop loss and take profit levels. Happy trading! 📈📉
Follow Alexgoldhunter for more strategic ideas and minds
Trade active
sell side trade activeTrade closed: target reached
target hit close all trades
Alex Gold Hunter
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Alex Gold Hunter
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.