Good Morning, just an easy update on BTC.
To sum up the idea:
-This could be the beginning of a nice leg up that can bring us to 7700, 8000 or 10000. We will see why and why I abandoned the Short idea for the moment.
- The short is still possible between now and the halving, but atm priority is upward.
My view lately was for a retracement at 6000 level, but it was invalidated just now, even it showed weakness even yesteday because :
1 the price went above the H&S last shoulder and broke the downward channel (black one) upper boundary. It just went above the descending blue line, which simply is another upper boundary for the same channel (a more conservative one)
2 during the last retracements to 6600-6400, the retracement area was respected (red area), meaning that it was just a retrace of a leg up.
3 we are consolidating above 7000 and above the mid line of what seems to be the channel that best describes the price action recently (the red one)
So, what is next?
Considering different legs up to hypothise a target, we get 3 of them, depending on the leg used.
7700
A shorter term target is 7700, which would be exactly a leg with the same lenght of the one from 6400 to now (7200) . the level also correspont to the upper boundary of the channel. Note that the target is beyond the green rectangle that usually identifies my attention areas for targets simply because the retracement was not deep enough (did not enter the retrace area and just touched the .786 level. Another sign of strenght. But the TP should be put conservatively before the 7700 level (at least for a portion of the position) as there is a big resistence area (turquoise area), from the previous max at 7450 and the min before the blood in March (7600)
8090 and 10,000
Other targets are 8090, which is also the local max for the retracement before BTC got slaughtered on the 9 of March, and 10k.
Do not forget we are in a weekend, so it is a great moment for MM to make BTC do great movement and start a new trend as not many people would jump in, but it is also likely that by Monday the price will have to restart evertything from 0. I enter a LONG position at 7240 with half of the capital dedicated to the trade, and will go with the other 50% in the area 7000-7200.
SL below 7200.
I still expect a leg down (a big one) before or just after the Halving, but at the moment we have to follow the situation. These are just trades to increase the BTC amount for when the price will spike for real. If no retrace will happen, good sign anyway, means that the halving will boost the price a lot (in the following months) as we all hope.
Put SL and TP and go enjoy the weekend!
To sum up the idea:
-This could be the beginning of a nice leg up that can bring us to 7700, 8000 or 10000. We will see why and why I abandoned the Short idea for the moment.
- The short is still possible between now and the halving, but atm priority is upward.
My view lately was for a retracement at 6000 level, but it was invalidated just now, even it showed weakness even yesteday because :
1 the price went above the H&S last shoulder and broke the downward channel (black one) upper boundary. It just went above the descending blue line, which simply is another upper boundary for the same channel (a more conservative one)
2 during the last retracements to 6600-6400, the retracement area was respected (red area), meaning that it was just a retrace of a leg up.
3 we are consolidating above 7000 and above the mid line of what seems to be the channel that best describes the price action recently (the red one)
So, what is next?
Considering different legs up to hypothise a target, we get 3 of them, depending on the leg used.
7700
A shorter term target is 7700, which would be exactly a leg with the same lenght of the one from 6400 to now (7200) . the level also correspont to the upper boundary of the channel. Note that the target is beyond the green rectangle that usually identifies my attention areas for targets simply because the retracement was not deep enough (did not enter the retrace area and just touched the .786 level. Another sign of strenght. But the TP should be put conservatively before the 7700 level (at least for a portion of the position) as there is a big resistence area (turquoise area), from the previous max at 7450 and the min before the blood in March (7600)
8090 and 10,000
Other targets are 8090, which is also the local max for the retracement before BTC got slaughtered on the 9 of March, and 10k.
Do not forget we are in a weekend, so it is a great moment for MM to make BTC do great movement and start a new trend as not many people would jump in, but it is also likely that by Monday the price will have to restart evertything from 0. I enter a LONG position at 7240 with half of the capital dedicated to the trade, and will go with the other 50% in the area 7000-7200.
SL below 7200.
I still expect a leg down (a big one) before or just after the Halving, but at the moment we have to follow the situation. These are just trades to increase the BTC amount for when the price will spike for real. If no retrace will happen, good sign anyway, means that the halving will boost the price a lot (in the following months) as we all hope.
Put SL and TP and go enjoy the weekend!
Trade closed: target reached
7700 reached perfectly, now let's wait for a consolidation to understand better new possible levels
Are you a good trader but you lack the capital?
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
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.
Are you a good trader but you lack the capital?
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
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.