BTC is bullish again! 3 targets for the mid-long term.Risk: Medium
Please be advised that this is only an idea, so you are responsible for any losses yourself. Never put more than 2-4% of your account in one trade.
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Analysis:
Alright, as you know I shorted BTC since January. Finally, we have bullish signs again and I explain you why in this idea.
BTC bounced the 50ma weekly the beginning of this month. This was also a target in my previous idea.
BTC failed to break this level downwards and that was a sign for the bulls to buy BTC again. They succesfully did, as you can see in the MACD we received a buy signal on the bottom precisely. It triggered the bulls and we broke out our downwards channel. That was a clear signal for me to close my shorts and I did. I reanalysed BTC I tried to short it again, with a SL above 8950 and the bulls won. No worries I secured a lot of profits on our way down. We all saw how tough that 8950 resistance was and personally I thought that we were going to see a new correction from there. I didn't happen, and it resulted to what we saw yesterday: a huge green candle.
Why am I bullish again? I just explained a little, but we formed a bottom (3) and bounced the 50ma weekly (not on this chart). The MACD turned bullish and we formed a higher high and formed a lower low (2) After breaking the 50ma daily, we saw a big green candle again and we had a three days fight with the 8950 level. This was a sign for me to turn to bullish positions and the close above resistance automatically lead to a lot of buyers in the market again. We formed a new higher high at the 200ma and we failed to break. But that’s normal, we can’t go up in straight line and we also can’t go down in a straight line. Simple as that.
What we saw today is a big red candle. It’s nothing more than logical. We just saw a strong bullish run, so we need also need to see a correction before we go up further. As we see most of the time, our old tough resistance is our friend now. It turned in a strong support level. For now… I have drawn our strong upwards small channel in the chart, maybe we will stay trading in this range. I hope so, but it’s likely that we will break our support (1) coming days and that we will put a higher low again around 8400. Our previous HH. Let’s set some targets:
Buy: Now or in equal parts towards (2). You can trade this in a lot of ways.
Target 1: 9668
Target 2: 10634 now (20ma weekly)*
Target 3: 11439
SL: Below (2). If a candle on the daily chart closes below (2)
* Target 2 is another key level. It will decide or BTC will be bullish for the long-term. This is a level where the declining 20ma and the double top come together.
Don’t forget the like and feel free to ask me questions or to post your chart below to discuss it.
