Hello everyone, this is an update of my previous Bitcoin ideas (linked below). While trading the cryptocurrency market, we mostly rely on simple approaches based on volume & trend. In this idea, we can see the Bitcoin price in a mirco trend-change - initiated by the breakout mid-march. We are looking for two long scenarios during this retracement.
Everything else is explained on the chart.
Cheers,
Ares
Everything else is explained on the chart.
Cheers,
Ares
Note
We were previously looking at the price moving in a Symmetrical Triangle with even chances for a breakout. The price finally took another hit and printed a lower low 
Note
The buyers were exhausted at the current all-time high. The retracement is always shaping differently - based on the strength of the sellers and buyers (observe the volume in this case) 
Note
This is an idea from late January. Trade the retracement by increasing your position size instead of going short
Trade active
Scenario 1
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.
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.