Previous analysis
Yesterday I shared a possible target for $46800 after identifying a H&S on the 1H chart, the target was met but I failed to consider a potential wick through that zone... In retrospect, I think it was expected and $46800 was still a good zone to buy, pending enough room for a stop loss, $1000 for
BTCUSDT is nothing
Today
Looking at the chart, I think we will close above or near the 200 MA daily ($46700-ish) - I prefer above - but that gives a good support for an entry here, this zone has bounced multiple times - and acted as resistance in August/Sep. From there, I think this ascending channel is to be watched with a potential target of $65000, roughly being our ATH, to be hit by the EOY. It could be a Right Shoulder forming but I prefer to stick with the channel...
A failure to stay in the next daily candle above the 200 MA is to be considered and will push the price to the next support around $41000, so entering long should be after tomorrow's closure.
Not FA, just my thoughts. DYOR
Yesterday I shared a possible target for $46800 after identifying a H&S on the 1H chart, the target was met but I failed to consider a potential wick through that zone... In retrospect, I think it was expected and $46800 was still a good zone to buy, pending enough room for a stop loss, $1000 for
BTCUSDT is nothingToday
Looking at the chart, I think we will close above or near the 200 MA daily ($46700-ish) - I prefer above - but that gives a good support for an entry here, this zone has bounced multiple times - and acted as resistance in August/Sep. From there, I think this ascending channel is to be watched with a potential target of $65000, roughly being our ATH, to be hit by the EOY. It could be a Right Shoulder forming but I prefer to stick with the channel...
A failure to stay in the next daily candle above the 200 MA is to be considered and will push the price to the next support around $41000, so entering long should be after tomorrow's closure.
Not FA, just my thoughts. DYOR
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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.