BTCUSD | MT Long H4 | Continuing The Run-Up?
Updated
Pair: 
BTCUSDT
Timeframe: H4 - Medium Term (MT)
Direction: Long
Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1 and H1 time-frames
- Price action may face resistances from being at the bottom of a parallel channel, there is a support trendline going through and there is a demand zone area as shown with the horizontal trendline
- Price is close to 32.8% Fib retracement Level
- Targeting to trade this position between the Supply-Demand zones as shown with the Horizontal Trendlines
Fundamental Confluences for Trade:
- Market stabilization from geopolitcal risks and US's strong economic data is happening and may bring back risk appetite
- Fiscal dominance concern on the USD may see people try to buy BTC as a store of value (IMO, still not a store of value but as long as the market feels so, I'll go with it first)
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the BTC fall
Suggested Trade:
Entry @ Area of Interest 61,500 - 63,500
SL @ 59,843
TP 1 @ 62,648 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 68,838
Risk-to-Reward @ Approx. 2.20 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
BTCUSDT Timeframe: H4 - Medium Term (MT)
Direction: Long
Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1 and H1 time-frames
- Price action may face resistances from being at the bottom of a parallel channel, there is a support trendline going through and there is a demand zone area as shown with the horizontal trendline
- Price is close to 32.8% Fib retracement Level
- Targeting to trade this position between the Supply-Demand zones as shown with the Horizontal Trendlines
Fundamental Confluences for Trade:
- Market stabilization from geopolitcal risks and US's strong economic data is happening and may bring back risk appetite
- Fiscal dominance concern on the USD may see people try to buy BTC as a store of value (IMO, still not a store of value but as long as the market feels so, I'll go with it first)
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the BTC fall
Suggested Trade:
Entry @ Area of Interest 61,500 - 63,500
SL @ 59,843
TP 1 @ 62,648 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 68,838
Risk-to-Reward @ Approx. 2.20 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Note
Trade still active, the dip almost hit our SL but so far has reversed back upwards.Still monitoring at the moment if the Price action can sustain above the Parallel channel's Support.
Trade closed: stop reached
SL levels hit from the digital event news of Israel missiles striking Iran.Geopoitical risk caused a drop but BTC prices has now recovered upwards again.
Live to fight another day for this.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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