#Bitcoin DETAILED REVIEW. What to do next?
Updated
Colleagues, welcome everyone!
In my review today, I want to share with you my thoughts regarding both the short and medium term Bitcoin transactions.
Why did I decide to take a long and also recommend it to you? - explain:
1) Firstly, as I already wrote: a setup formed on January 3 and an aggressive buyback from 6900 (the bottom line of the downward channel locally) after knocking out stops.
2) An extremely strong candle signal is the “Bullish Engulfing” on the timeframe (Day), as well as the “Inverted Head and Shoulders” reversal pattern.
A bit of theory: after 192 days of the downward trend, a bullish candle appeared, which engulf a bearish candle with its body. This indicates that the pressure of buyers exceeded the pressure of sellers. In the chart below, I showed how it looks.
3) Fans of the wave theory is dedicated (on the chart):
To begin with, first of all, I am for squeezing the maximum out of the market. In no case do I say that the trend has changed, most likely in a rocket up to $ 100k, etc. No, not at all. But why not work locally?
At the moment, we see how the price has been moving in a downtrend channel for a long time. All this correction (starting from June 27), in fact, is correctional wave 4, which took the form of a triple zigzag. Locally, for now, wave A is a downward impulse, wave B is a bullish correction (currently in progress) and, finally, wave C is where the decline will be in the region of $ 5000-5200. In more detail, we will be able to more specifically determine the objectives of wave C when the formation of wave B is completed (for now, the goals are still $ 7900-8100).
4) We confidently bounced off the strong support zone at $ 7200-7250 (ma200, 4h), and also consolidated above $ 7500, which is an extremely good signal in favor of buyers. As well as a reversal on the RSI indicators and the Macd histogram.
Based on all of the above, on January 3, I took and recommended you a bitcoin long with goals of $ 7700-7800. Now you can confidently translate the stop to breakeven.
P.S. I am not the ultimate truth, and, in general, no one will tell you 100% where the coin will go. It is necessary to take into account all the factors of technical analysis in order to perform this or that action.
And remember, no one forces you to click on buttons, so think very carefully before that!
Subscribe and like, if you want, I will not lie if I say that I will be pleased! :)
Good luck to everyone and Merry Christmas!
In my review today, I want to share with you my thoughts regarding both the short and medium term Bitcoin transactions.
Why did I decide to take a long and also recommend it to you? - explain:
1) Firstly, as I already wrote: a setup formed on January 3 and an aggressive buyback from 6900 (the bottom line of the downward channel locally) after knocking out stops.
2) An extremely strong candle signal is the “Bullish Engulfing” on the timeframe (Day), as well as the “Inverted Head and Shoulders” reversal pattern.
A bit of theory: after 192 days of the downward trend, a bullish candle appeared, which engulf a bearish candle with its body. This indicates that the pressure of buyers exceeded the pressure of sellers. In the chart below, I showed how it looks.
3) Fans of the wave theory is dedicated (on the chart):
To begin with, first of all, I am for squeezing the maximum out of the market. In no case do I say that the trend has changed, most likely in a rocket up to $ 100k, etc. No, not at all. But why not work locally?
At the moment, we see how the price has been moving in a downtrend channel for a long time. All this correction (starting from June 27), in fact, is correctional wave 4, which took the form of a triple zigzag. Locally, for now, wave A is a downward impulse, wave B is a bullish correction (currently in progress) and, finally, wave C is where the decline will be in the region of $ 5000-5200. In more detail, we will be able to more specifically determine the objectives of wave C when the formation of wave B is completed (for now, the goals are still $ 7900-8100).
4) We confidently bounced off the strong support zone at $ 7200-7250 (ma200, 4h), and also consolidated above $ 7500, which is an extremely good signal in favor of buyers. As well as a reversal on the RSI indicators and the Macd histogram.
Based on all of the above, on January 3, I took and recommended you a bitcoin long with goals of $ 7700-7800. Now you can confidently translate the stop to breakeven.
P.S. I am not the ultimate truth, and, in general, no one will tell you 100% where the coin will go. It is necessary to take into account all the factors of technical analysis in order to perform this or that action.
And remember, no one forces you to click on buttons, so think very carefully before that!
Subscribe and like, if you want, I will not lie if I say that I will be pleased! :)
Good luck to everyone and Merry Christmas!
Trade closed: target reached
Greetings to all, colleagues!Today, the price has approached these targets, where a liquidity collapse occurred. Thanks everyone for sharing!
Note
Colleagues, welcome everyone!The situation at the moment has practically not changed.
The price hit ma30 (this level is the first buy zone).
In general, it is possible and very likely that the correction will continue to the zone 7600-7700 $ (2nd buy zone, ma60), where we have placed buy orders. We observe further).
Note
Note
At the request of subscribers, she created a telegram channel (FREE). Subscribe, if you want, the link is in status, or contact me in private messages here)P.S. The rules of the service here prohibit advertising (links) of any third-party resources)
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.