Long

Bitcoin long setup based on Your level of confirmation

Updated

Bitcoin was very weak relative to dollar and gold last week and there was no evidence of bulls in the recent move. But now we are seeing some actions...
A lot of resistances ahead, each one of them can be used as a take profit target and also as a trailing stop loss.
Good risk to reward for entering here after breaking the first dynamic resistance (the cyan trend line).
Also this Elliott wave counting can be considered for a swing trade:

Note

second touch of the trend line:

Trade active

We have a higher Low:

What I am perceiving from the order book is that bears are fighting on the maker side and bulls are takers. So along the way up there will be similar rejections from limit sell order blocks on each resistance and price will find support until market sell orders are finished.
Fun fact is that global markets are closed, and the main movements may start from Monday. Probably with a CME gap behind which may be filled after the leg up!...
Entering Long after breaking 28000 resistance is another option with less risk (and also less reward).

Note

So far so good; Good start relative to
And as I mentioned in the previous update, seems like BULLS are in with Market Buy Orders, NOT Limit Buy! So, it means that support haunt is more probable with long shadows like these, and we will not have a solid line of support which price will not cross it no matter what! (Until we see limit buy order blocks like what we are seeing on the sell side as resistances and that is why the price just touches the resistance and rejects like the recent 28000 touch right now) Consider your stop loss signal with a candle close below the level!
According to the Elliot wave projection mentioned in the first post, still consider breaking 28000 a good confirmation for entering a swing long if you are not in already with the target around 33000 and stop loss of 27000.

Note

Bitcoin have been acting weak relative to Dollar, Gold and Bonds

and both the stop losses were taken out and we are having lower highs

It seems like every one's stop loss should be taken out, both long and sells before going anywhere.

Note

First resistance out, and the second one is touched.

Note

broke 28500, next resistance at 29000
good volume, good momentum, good relative strength

Note

A lot of shorts stop loss were at 29200, maybe that short squeeze is why we are having an even stronger momentum with higher volume at the latest candle.
The dynamic resistance broken. 30000 touched.

Till now the orderbook did not have that much limit sell orders as resistance for going up but from now on we are seeing more of them.

Trade closed manually

A huge order block sitting on 30K. price is hanging in the middle of supports and resistances with higher lows and lower highs. Waiting maybe the best for now

NoaTrader

nfa & dyor
Invest Smart!

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