Bitcoin- Still has upside power
Two days ago, I mentioned my expectation of a significant correction in 
BTCUSD, and I am considering selling in the 54,500-55,000 zone.
While my view on a strong correction in the medium term remains unchanged, the short-term outlook remains strongly bullish.
Upon examining the short-term chart, it's evident that Bitcoin is well supported by bulls above 50k, and both the weekend's drop and yesterday's decline were quickly bought.
Furthermore, the recent consolidation forms a rectangle, which typically indicates a continuation pattern.
In conclusion, in the short term, it's advisable to consider buying near the 51k zone.
Additionally, considering a stop-loss order below recent lows, we could potentially achieve a risk-to-reward ratio of more than 1:2 or even 1:3 depending on the target.
BTCUSD, and I am considering selling in the 54,500-55,000 zone. While my view on a strong correction in the medium term remains unchanged, the short-term outlook remains strongly bullish.
Upon examining the short-term chart, it's evident that Bitcoin is well supported by bulls above 50k, and both the weekend's drop and yesterday's decline were quickly bought.
Furthermore, the recent consolidation forms a rectangle, which typically indicates a continuation pattern.
In conclusion, in the short term, it's advisable to consider buying near the 51k zone.
Additionally, considering a stop-loss order below recent lows, we could potentially achieve a risk-to-reward ratio of more than 1:2 or even 1:3 depending on the target.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
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.