BTC long position
Updated
Currently, there is no support for a rally in the price of the stock.
The price has collapsed below the double-top level of 25,800
(with a short-term low around 25,400).
Simultaneously, significant trading volume has occurred on timeframes of 1 hour or more. Additionally, a significant lower wick is appearing on timeframes of 1 hour or more.
Therefore, considering the current wave that has breached the low point as a bear trap,
I am executing a buy order.
The price range for buying is set from the current support level, which was previously the February high and a significant resistance level on the higher timeframe(now acting as support), at 25,200, to the current breached double-top level at 25,800.
So it is recommended to observe whether the current low at 25,400 further breaches.
If it does, execute the buy order.
Furthermore, in the event of additional price deviation beyond the set range, it is important to consider the potential further price decline towards the corresponding trend on a logarithmic scale.
Therefore, it is strongly recommended to adhere to the Stop Loss (SL) to manage the risk.
(25,200)
For additional chart images related to my ideas and comments, you may refer to my Korean ideas.
The price has collapsed below the double-top level of 25,800
(with a short-term low around 25,400).
Simultaneously, significant trading volume has occurred on timeframes of 1 hour or more. Additionally, a significant lower wick is appearing on timeframes of 1 hour or more.
Therefore, considering the current wave that has breached the low point as a bear trap,
I am executing a buy order.
The price range for buying is set from the current support level, which was previously the February high and a significant resistance level on the higher timeframe(now acting as support), at 25,200, to the current breached double-top level at 25,800.
So it is recommended to observe whether the current low at 25,400 further breaches.
If it does, execute the buy order.
Furthermore, in the event of additional price deviation beyond the set range, it is important to consider the potential further price decline towards the corresponding trend on a logarithmic scale.
Therefore, it is strongly recommended to adhere to the Stop Loss (SL) to manage the risk.
(25,200)
For additional chart images related to my ideas and comments, you may refer to my Korean ideas.
Trade active
Based on the current time,a similar support trend to Double Bottom is being observed.
Furthermore, I have attached other charts that can be used to anticipate scenarios within the next quarter or so
and that serves as a basis for buying.
Sorry for late update.
You may have already read my Korean comments.
Or for additional attached charts, you may see my Korean idea.
Note
Going up well.For next step, we have to see resistance at an upper trendline of descending triangle.
However, I recommend you to place an entry-price loss order
in order to be prepared for unexpected situations.
For additional attached charts, you may see my Korean idea.
Trade closed: stop reached
Although I have already uploaded the content to my blog this morning...I am confirming the breakout of the triangle's lower trendline and, at the same time, closing all long and spot positions while executing a short position.
Despite the low probability, there is a possibility of the triangle's lower trendline, which has already been breached, reversing upwards and causing a price increase towards the previous downtrend.
However,
1)Despite the breakout of the triangle's lower trendline,
there is minimal trading volume on timeframes of 4 hours or higher.
2)The triangle's lower trendline has been acting as a clear resistance since this morning.
Based on these two significant reasons, I am starting to open short positions.
I will bring you additional ideas while remaining cautious of further downward movements.
For additional chart images, you can check my Korean idea.
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