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BTCUSDT trade ideas

What Bitcoin's break of 74k means On the monthly and weekly timeframes, Bitcoin seems to be forming a continuation pattern which might push the price up to a new ATH (All Time High). While this is good news for Bitcoin Hodlers, I personally would only be looking for buy positions once the price breaks and stays above the 74k price line. The reasons for this decision is as follows: Bitcoin is currently at an interesting price zone as Bulls seem to be struggling to break and keep price above previous ATH's supply zone. I'm however only going to be convinced of continued bull run if price breaks and holds above 74k price line. if this happens, I'll be looking for buy positions on pull-backs. Price is forming what looks like a rising wedge on the daily timeframe. For those who might not be familiar with this pattern, it's a reversal pattern, meaning price is more probable to break and trade below the lower trendline whenever this pattern forms. Because this price level is at an interesting zone, it could be institutional traders and whales are secretly selling off their positions (price distribution) which might see us in the next phase of bear run. While this is mere speculation, it's good to be on the look at because anything can happen. Given the above reasons, I'm still very bullish on the price till I see a break below the Weekly HL (Higher Low) at 49k or a break below the Monthly Trendline. Note that I do not take positions based on what I anticipate price to do. I take positions when price does what I anticipate and presents my entry signal. Please let me know what you think about this. Would love to know your thoughts too about the short and long term price of Bitcoin.
Long
by youngbossy
Technical Analysis of Bitcoin Price --- ### **Technical Analysis of Bitcoin Price** #### **1. Trend Patterns and Market Structure** - **Market Structure**: Over the past month, Bitcoin has shown a gradual uptrend, with higher highs and higher lows indicating sustained bullish momentum. However, it is currently in a consolidation phase after testing higher levels, suggesting potential distribution. - **Trend Reversal Signals**: Keep an eye on any breaks below recent support levels, as this could signal the end of the uptrend. Likewise, a breakout above recent highs could confirm the continuation of the bullish trend. #### **2. Support and Resistance Levels** - **Key Resistance Levels**: - $67,000: Major resistance observed at the top of recent highs. - $70,000: Psychological level that could attract selling pressure. - **Key Support Levels**: - $66,000: Immediate support where price has bounced previously. - $63,500: Secondary support based on historical price action. These levels can serve as potential entry and exit points, depending on how price interacts with these areas. #### **3. Indicator-Based Analysis** - **RSI (Relative Strength Index)**: - Currently hovering around the 60–70 range, suggesting bullish momentum, but caution is warranted if RSI approaches overbought territory (above 70). - Look for any **RSI divergence** (e.g., price making higher highs while RSI makes lower highs), as this could signal a weakening of momentum and potential trend reversal. - **CCI (Commodity Channel Index)**: - With a value above +100, CCI suggests that Bitcoin is in an overbought condition. A drop below +100 could indicate a loss of bullish momentum and could be a sign of reversal. - A CCI below -100 could signal oversold conditions, which might provide buying opportunities on a reversal. - **MACD (Moving Average Convergence Divergence)**: - The MACD line remains above the signal line, confirming bullish momentum. However, watch for a potential **bearish crossover**, which could indicate a weakening trend. - An increase in the MACD histogram could indicate growing momentum, while a decrease signals potential exhaustion. #### **4. Price Action Analysis Using Wyckoff Theory** - **Current Wyckoff Phase**: Based on recent price movements, Bitcoin may be in the **distribution phase** where large players are selling, and retail traders continue buying. This can lead to a consolidation zone followed by potential markdown if price breaks below key support. - **Patterns to Watch**: - **Spring**: A false breakout below support, followed by a quick reversal to the upside, can confirm strong buying pressure. - **Upthrust**: A breakout above resistance with a quick retraction could indicate a bull trap, suggesting a reversal might be imminent. - **Volume Analysis**: Increasing volume on down moves could signal distribution, while decreasing volume on up moves supports the idea of weakening bullish momentum. #### **5. Elliott Wave Analysis** - **Wave Count**: - The recent uptrend might be completing a 5-wave impulsive move, with the current consolidation potentially marking the start of an ABC corrective wave. - **Wave 1–5 (Impulsive)**: Look for a 5-wave pattern to complete, with Wave 5 likely being the last bullish leg. - **ABC Correction**: The ABC corrective wave could bring prices back to a support level (e.g., $63,500) before resuming the larger uptrend. - **Projection**: - If the 5th wave completes near resistance, expect a pullback (corrective ABC wave) toward the nearest support level as a part of the Elliott Wave corrective phase. #### **6. Volatility and Market Sentiment Analysis** - **Volatility (ATR)**: Monitor the Average True Range (ATR) to gauge volatility. An increase in ATR can indicate that a significant move is forthcoming. - **Market Sentiment**: External factors, including news or regulatory events, may impact volatility, which should be factored into your strategy. #### **7. Trading Strategy Recommendation** - **Entry Points**: - **Long Position**: Consider entering a long position if Bitcoin breaks above $67,000 with strong volume, confirming bullish continuation. - **Short Position**: Enter a short position if Bitcoin breaks below $66,000, with the next target being around $63,500, where support might trigger a reversal. - **Exit Points**: - Set take-profit levels near resistance at $67,000 and $70,000 for long positions, and around $63,500 for short positions. Use trailing stops to lock in profits if the trend continues. - **Risk Management**: - **Stop Loss**: Place stops slightly below $66,000 for long positions and slightly above $67,000 for short positions to protect against false breakouts. - **Position Sizing**: Adjust your position size based on ATR and individual risk tolerance, aiming to keep risk per trade under 2% of your portfolio. #### **8. Summary and Trade Plan** - **Bullish Scenario**: A breakout above $67,000 could lead to new highs, provided there’s sufficient volume and momentum. - **Bearish Scenario**: A breakdown below $66,000 with increasing selling pressure could lead to a retest of lower supports. - **Wyckoff and Elliott Implications**: If distribution is confirmed, and Elliott Wave suggests a completed 5th wave, prepare for an ABC corrective wave. This technical analysis combines multiple frameworks to provide a strategic overview, actionable insights, and trade management techniques for navigating Bitcoin or any other cryptocurrency market effectively.
Short
by cryptoprofeta20
**#Bitcoin Update – Saturday, 26.10.2024****As-salamu alaykum and Good Morning to All Brothers and Sisters,** This week, #Bitcoin has shown a mixed performance. It started strong on Monday with a successful retest of the daily retracement point (Arrow #4) and bounced back perfectly. However, towards the end of the week, Bitcoin faced rejection at the daily resistance level (Arrow #2). Despite this rejection, the weekly candle still managed to close above the daily support (Arrow #3), keeping hopes alive for a potential rally. **What's Next?** Now, Bitcoin's price is moving within a key range between 67,891 and 66,000. These levels will be crucial indicators as we head into next week, potentially revealing the price's direction. If the price breaks below the daily support (Arrow #4), it could drop further to retest the next daily support level (Arrow #6). Conversely, if it attempts to break past Arrow #2, we may witness a strong upward move, possibly setting the stage for another rally. **#Altcoins** Currently, #altcoins are in a volatile and uncertain state. Each time Bitcoin surges, Bitcoin’s dominance also rises, meaning funds are flowing out of altcoins. With Bitcoin's dominance gaining strength, altcoins remain highly volatile and less secure as an option. Until Bitcoin approaches its all-time high, altcoins may not be the best play. For now, it’s wise to focus on Bitcoin's movements before committing to new alt positions. Stay tuned for more updates, and as always, I wish you a profitable and successful week ahead. Let’s stay focused, optimistic, and ready to make the most of the opportunities coming our way. Have a fantastic day, and may it bring success to all!
Long
by MoonTradingForecast
Positive Correlation between XAU and BTC on Daily Charts!This is not a suggestion or my trading plan! My Trading plan has been already shared with you all in this forum. In my experience we always need to marry fundamental forces with technical projections. We had a newsless week but ending Friday, we had Israel drones or airforce attack Iran? Did you see the pop in prices? From a forex market perspective we only have Crypto or more specifically BTC in operation. Look at its price action because it is positively correlated with Gold on a daily chart basis. BTC will follow the news so that is a good head start for the week ahead. I will post later on Sunday evening my thoughts! Please share yours as well!
by ccpudaism
#BTC reaches the buy zone📊#BTC reaches the buy zone✔️ 🧠From a structural perspective, the ideal target area of ​​the small double top structure has been fully achieved, so it is very reasonable to have a strong rebound, but unfortunately, it was only $100 away from our second entry point and was not triggered, so we missed this rising wave. You can check it in the previous post. I marked the price on the chart. If you bought when the price touched the green buy zone, then the profit return now is sufficient. You can lock in the main profit and then look forward to more. In this way, even if the price falls again, you will not be troubled by profit retracement. ➡️From the current structure, we have two expectations. One is that we will continue to rise after stabilizing from the neckline support area and build a bullish cup-handle structure. The other is to build a large double top structure after breaking the neckline support area and enter a deeper adjustment stage. ➡️In general, the market is not very clear at present. We need more patience to observe. Don’t guess too much about how the market will develop. Just wait patiently for market signals to appear and make corresponding transactions. Let's see👀 🤜If you like my analysis, please like💖 and share💬 💕 Follow me so you don't miss out on any signals and analyze 💯 BINANCE:BTCUSDT.P
Long
by wolf_king888
Scalping BTC using simple S&R analysisThe price is likely to break the resistance at the 67,234 level and retest this area as support. This outlook is supported by the price holding within the range level (marked by the white line) and the presence of strong support at 66,770, which aligns with a previous resistance level, creating a confluence. However, there is still a possibility that the price could be rejected at the resistance. In that case, the price may retest the support or even break below it. Based on current market conditions, the likelihood of this scenario is approximately 30%. I will place a stop-limit buy order at 67235 and stop-loss at 66770. Profit ratio at 1:3.
Long
by DexterMGarcia
SasanSeifi| Can We Expect Short-Term Corrections?Hey there, ✌ In the short-term timeframe, we've observed that Bitcoin has surged from the $60,000 range to a high of $69,000. However, following this peak, the price has shown a negative reaction, undergoing a minor correction down to the $67,000 levels after a brief period of fluctuations. Currently, the price has remained in a range after encountering the Exponential Moving Average (EMA) at the $67,000 mark. The significant resistance level ahead in the 4-hour timeframe lies between $67,750 and $68,500. Analysing the chart in the lower timeframes, it appears that the price may be inclined to experience further corrections. If a candle closes below the $66,950 to $66,850 levels, we might witness a price correction down to the demand levels at $65,500, and potentially further to $64,250 to $63,000. Understanding how the price reacts to these levels will be crucial for assessing the ongoing trend. Additionally, if the price faces increased demand and breaks above the established resistance levels, the corrective scenario could be reconsidered. The potential trend is clearly outlined in the chart above. 💢 This is just my personal analysis, not financial advice. If you found this helpful, feel free to like and comment – I'd love to hear your thoughts! Happy trading! ✌😊
Short
by SasanSeifi
Bitcoin Still Targeting New ATHHey there, Just wanted to share an update on Bitcoin. Since March 2024, it has been trading within a 30% range, showing significant consolidation. I'm leaning bullish because Bitcoin has left a lot of untouched liquidity behind, and I believe it's only a matter of time before we break the all-time high. If you've been trading the long side swings, you've likely taken profits from previous order blocks. Interestingly, most traders are ready to go long on Bitcoin above $70,000 instead of taking positions within the current range (if we break immediatly, I would also long it on my Futures Account). Personally, I'll be looking to catch two separate spot buys with different position sizes if the market breaks down. It would be great to see a new low for a better risk-reward ratio. Best regards
Long
by umothegreat
Why Has Bitcoin fallen To $67,000 Range? Explained.Looking at the sentiment below the bitcoin chart CME:BTC1! You can see that the bears are really taking control of the crypto market -- Now this is good for transfer fees, because you can always transfer your Bitcoin at a lower price when the market crashes But if you are also in it to make a profit then this is your buying opportunity. But also note that this could be a sign of a middle market Which is flat.Am thinking investors are stalling with a flat market because they want to wait for the US presidential election outcome in the month of November. Whether you like it or not the election season is a big market indicator especially In crowd psychology.Because of this we can not afford to ignore the market sentiment If you look at the chart what type of market sentiment are we in? Look again at its chart below is the bull bear power.. Analysis of this chart tells you That even though we are in an uptrend.. the bears have taken control. This usually leads to negative comments in the mainstream press. In order to understand the weekly trend you need to understand the rocket boost strategy In order to learn more about the rocket booster strategy check out the references below Rocket boost this content to learn more. Disclaimer:Trading is risky you will lose money wether you like it or not please learn risk management and profit taking strategies
Long
by lubosi