Long

BTC Chart Idea - Swing Long Setup

Updated

BTC creating a huge bullish pennant on daily timeframe. Already touched support and resistance 3 times. If it breaks 72K, the swing TP should be 102K.

Entry - Once it breaks 72K on daily timeframe and confirm
TP - 102K
SL - Daily candle close below 70K

Note

On it's course to hit the first resistance at 73.7K. There is a 30% chance to making double bottom and going back down. However, bullish pennants usually hit their targets and works 70% of the time. IMO, following are the stations to visit before we reach 102K.

1- 84K
2- 94K
3- 102K

Note

Currently retesting the previous resistance of bull pennant breakout zone. Need couple of 4hr candle closing above it for confirmation.

Note

Halving is right around the corner. Shaking out all the weak hands already. When in doubt, zoom out. BTC is still on its course to breaking this bullish pennant to the upside with a parabolic move in few days. Still making HH on daily so nothing changed just a massive liquidation hunt. There is only one scenario on BTC hit 50K in short term and that is if there is a black swan event like war etc. Hope it's not the case but guys be ready to BTFD.

Note

As I stated in the previous comment, there was a war FUD and a liquidation event on April 13th which resulted in BTC breaking this pennant towards the downside. However, BTC managed to close the weekly candle back inside the pennant. There is still a chance that we still go further down. But guys remember, only 4 days left until the halving. These shakeout events give opportunities and snipping entries to accumulate alts at discounted prices. Let's go to the moon !!

Trade closed: stop reached

Trade Invalidated. It broke towards downside. I am seeing further downside now. Currently trying to bounce from 0.382 fib level (60K). There is no volume though and structure is really bearish. Next levels are listed below:

Support Levels:
1- Daily EMA 100 - $58673
2- 0.5 fib level - $56188
3- 0.618 fib level - $52000
4- Daily EMA 200 - $50182 (Worst case scenario IMO)

We should bounce really hard if we hit 3rd or 4th level of supports

smwajeeh

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