BTC: Pullback Buy Zones for Long Position Entrance
Based on the BTC DAILY Stochastic RSI, BTC needs to reverse and find a bottom before returning on an upwards price trajectory.
The weekly Equilibrium pattern, weekly reversal inverted hammer candle, and 4-hour Bearish Engulfing candle, show signs that BTC is looking to find lower prices in the short to medium term.
I have outlined 3 "Buy Zones". When the BTC price reaches each zone, I will be assessing the probabilities that BTC will reverse from that location - or go lower. If the odds indicate BTC is ready to reverse, I will feel comfortable entering a long position.
The weekly Equilibrium pattern, weekly reversal inverted hammer candle, and 4-hour Bearish Engulfing candle, show signs that BTC is looking to find lower prices in the short to medium term.
I have outlined 3 "Buy Zones". When the BTC price reaches each zone, I will be assessing the probabilities that BTC will reverse from that location - or go lower. If the odds indicate BTC is ready to reverse, I will feel comfortable entering a long position.
Trade closed: target reached
BTC price currently in "Buy Zone 1". I would wait until confirmation of either reversal or further downward momentum to make buy/sell decision.
Note
BTC price currently in "Buy Zone 2".Again, I would wait until confirmation of either reversal or further downward momentum to make buy/sell decision.
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