BTCUSDT. Buying opportunities
Hello traders and investors!
For a month, I followed the previous analysis. Now, I’ve decided to create a new one. Let me remind you of the setup.
Quotes:
In fact, the price followed the assumptions. What’s next?
On the daily and 8-hour timeframes, the buyer absorbed the seller's candle and formed a buyer's zone. At the same time, on the 8-hour timeframe, the seller touched the lower boundary of the range at 53,485, from where the buyer resumed.
On the 2-hour timeframe, the seller manipulated the level of the beginning of the buyer's last impulse (56,078) at point 7 of the range. The price is currently above this level.
All these factors favor searching for buy opportunities.
If the buyer defends 56,078, potential targets are
Good luck with your trading and investments!
For a month, I followed the previous analysis. Now, I’ve decided to create a new one. Let me remind you of the setup.
Quotes:
On the 8-hour time frame, a sideways range has also formed. The lower boundary is at 53,485, and the upper boundary is at 71,997.
On the 2-hour timeframe, the seller's vector 8-9 has reached the target of 56078. The volume and delta are conducive to gathering stop losses below the level. The quick recovery by the buyer after the breakout and the candle closing above 56078 increase the likelihood of the price dropping below the local low of 55606. For the buyer's range vector 9-10 to play out (with a potential target of 62745), it would be prudent to accumulate volume and push the price below the local low of 55606.
In fact, the price followed the assumptions. What’s next?
On the daily and 8-hour timeframes, the buyer absorbed the seller's candle and formed a buyer's zone. At the same time, on the 8-hour timeframe, the seller touched the lower boundary of the range at 53,485, from where the buyer resumed.
On the 2-hour timeframe, the seller manipulated the level of the beginning of the buyer's last impulse (56,078) at point 7 of the range. The price is currently above this level.
All these factors favor searching for buy opportunities.
If the buyer defends 56,078, potential targets are
- 58,519, 59,005, and 62,745, 65000 on the 2-hour timeframe,
- 61,166, 62,198, and 70,079 on the 8-hour timeframe,
- and 61,166, 62,745, 70,079, and 72,797 on the daily timeframe.
Good luck with your trading and investments!
Note
The buyer defended the 56,078 level. The nearest targets are 61,166 and 62,745.
Pay attention to the 2-hour time frame. At the top, there's a seller's zone (marked by a red rectangle) that has been tested, with the test level at 60,174. The seller resumed from this test level.
Then, a seller's candle with a triangle symbol above it formed, highlighted on the chart with an ellipse. How to interpret these symbols on the candles is explained here
The volume of this candle is larger than the sum of the two previous ones, but there's no result. The next candle is bullish with decreasing volume, indicating seller weakness. Now, the buyer has returned to the test level.
What’s happening there? There’s a range on the 1-minute time frame. We're waiting for a breakout of the boundary and its defense.
Note
The buyer has reached 61,166.
On the daily time frame, the price is stuck between two levels: 61,166 and 58,088.
On the hourly time frame, there is a range. The current seller's vector is 7-8, with a potential target of 59,618.
For the buyer to continue moving toward the next target (62,745), they need to defend either 59,618 or 58,872.
Note
the price did not reach the target 62,745 by 18 dollars
How similar it is:
"Could the price, without reaching the target of 62776, go up? Yes, the probability of this event is not zero. And we see how the price did not reach the target by 18 dollars (black upward arrow on the chart) and turned upward."
Note
The price has reached 62,745 and is accumulating volume below the local maximum of 65,000.
On the hourly timeframe, the price has formed a sideways range below this level. The upper boundary is 64,133.32, and the lower boundary is 62,350. The current seller's vector is 9-10, with a potential target of 62,538.75.
For those who believe in the long position, you can look for buying opportunities if the buyer defends 62,538 or 62,350.
Note
The buyer interacted with the local high of 65,000. As a reminder, 65,000 is the upper boundary of the range on the 2-hour timeframe, where a seller might appear. However, the seller hasn't actively shown themselves.
On the 1-hour timeframe, the buyer's last impulse is from the 62,670 level. Above this level, you can look for buy opportunities. The 50% retracement of the last impulse is 64,254.5.
All targets on the 2-hour timeframe from the first post have been reached. The remaining targets are on the 8-hour timeframe at 70,079, and on the daily timeframe at 70,079 and 72,797.
How to determine contextual areas for buying and selling is written here.
Good luck with your trades!
Note
On the daily timeframe, a seller appeared at the 65,000 level, pushing through the buyer's candle from September 26, forming a seller's zone. The buyer has now returned to test this zone.
Short-term selling opportunities can be considered from the defense of 62,484 by the seller (for example, using the 30-minute timeframe).
Buying opportunities can be looked for if the buyer defends the 59,828 level or after the buyer absorbs the seller's candle from October 1
Note
A classic setup.
The key seller's candle (with the highest volume) is at the 50% level of the last short move. There was a test into this area (62975), but the seller's attempt to resume was halted by the buyer’s zone below (green rectangle on the chart). There was manipulation of the test level (liquidity grab above it), forming a seller's zone at the test level (red rectangle on the chart), followed by an attempt to resume selling. The short scenario is compromised by a candle with good volume but no result, which interacted with the test level (62975) after the manipulation—this indicates weakness from the seller.
I suspect the seller has exhausted attempts to resume from this price range, and if the buyer holds above the test level (62975), there is a chance the buyer could reach the seller's zone at the origin of this short move (lower boundary—65314). If there is no seller reaction from this level, the targets could extend to those of the 8-hour timeframe at 70079, as well as the daily targets of 70079 and 72797.
Note
The classic setup has worked out after all. Now we watch the buyer's reaction in the 59000 - 60000 range.
Note
On the daily time frame (TF), the seller's candle with increased volume did not yield results relative to the wick of the previous candle.
On the hourly TF, there is a range, and the buyer is defending the lower boundary of the range at 59,828. The current buyer's vector is 5-6, with a potential target of 63,468 (64,478). The key candle (the one with the highest volume) in the seller's vector 4-5 is at the bottom of the vector ("KC" on the chart), and it was absorbed by the buyer.
Based on both the daily and hourly TFs, the current priority is to look for buying opportunities.
Threats to the buyer: The level marking the start of the seller's last sub-impulse on the hourly TF is 61,321, which is also the high of the last daily candle. There's also a seller's zone (red rectangle on the chart), with the lower edge at 62,326.
Note
The price of Bitcoin has reached 72,797. The buyer's vector 10-11 within the range on the daily timeframe has played out. The next potential target is 73,777 (the upper boundary of the range and the all-time high).
Going long is risky. For shorts, seller action is needed, which has not appeared yet.
Good luck with your trading!
t.me/user_friendly_trading
t.me/user_friendly_trading
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