Dear traders,
A quick update for Bitcoin with some extra information besides my previous analysis. The leader of the cryptos that drives everything needs to be constantly monitored in this situation because Bicoin dominance broke a longer down trendline which is not good for Alt coins.
Here we look at the 30 minutes chart of Bitcoin BTCUSDT and you see we have formed a V BOTTOM but at the same time also a reversed Head shoulder formation visible. There are more patterns like a Bullish Bat which all point to the same direction. We have positive divergences in RSI and other indicators and there is also a bullish pinbar. (see that in previous analysis of Bitcoin)
A lot of bullish factors and the targets point all to 50 to 51000 USD. This is a first target and it can become more as more price is formed and new structures become visible.
My idea is that all stops that were there have been hit and all sellers have sold so we have a much better chance of a price recovery. Price recovery can be very powerful. Look at my previous analyses where I calculated the situation in 2018 and compared it to now. History in TA repeats itself constantly.
Because the neckline of the reversed head shoulder formation is close to the downward trendline the safest thing to do is to go long after breaking the trendline with good volume although I am already LONG.
In case of a break-out, you need to place a stoploss below the last low and of course not to risk more than 1% per trade to protect your capital.
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Safe and happy trading!