An agressive entry, be careful. Bitcoin can knock out everything and invalidate the setup. So take it with a grain of salt. To be on the safe side, wait for a clear direction from BTC.
Take it easy on your position.
Take it easy on your position.
Comment:
The big RLZ rectangle, between 0.7 and 0.5275 is a "pro" buying zone for the medium to long term. Of course, if a tragedy occurs, it can be broken to the south, but for the long term, it is mathematically a solid investment zone. As you saw, we went for the bottom of this rectangle on January 8th, chasing a few stops a little lower but closing within it.
We are also in a falling wedge. I don't base my trades on triangles, because they are often traps, but given the location, I think it will be validated to the north.
Now we have to be patient and wait for a consolidation as we see the bullish momentum slowly coming back and drawing a reversal structure. The location is perfect. If BTC is nice, it will be fine.
We are in a range between 0.5890 and 0.5010. When the momentum comes back in daily, the first job will be to break 0.5890 with a candle closed in daily.
There are three possibilities:
- Aggressive: we already place our buy order just above 0.5890
- Wiser: we wait to break this level and retest it successfully.
- The barbarian: buy the bottom of the range. If the daily close is below 0.551, we will look for the 0.5344 > 0.5010 zone, but more likely between 0.5344 and 05197.
At the TP level, the zones are for the moment :
1: between 0.6479 and 0.6257
2: between 0.8282 and 0.7698
3: between 0.9382 and 0.8602
Looking at the volume profile, it should be fine until the 3rd TP, after that we'll need more juice to pass.
We are also in a falling wedge. I don't base my trades on triangles, because they are often traps, but given the location, I think it will be validated to the north.
Now we have to be patient and wait for a consolidation as we see the bullish momentum slowly coming back and drawing a reversal structure. The location is perfect. If BTC is nice, it will be fine.
We are in a range between 0.5890 and 0.5010. When the momentum comes back in daily, the first job will be to break 0.5890 with a candle closed in daily.
There are three possibilities:
- Aggressive: we already place our buy order just above 0.5890
- Wiser: we wait to break this level and retest it successfully.
- The barbarian: buy the bottom of the range. If the daily close is below 0.551, we will look for the 0.5344 > 0.5010 zone, but more likely between 0.5344 and 05197.
At the TP level, the zones are for the moment :
1: between 0.6479 and 0.6257
2: between 0.8282 and 0.7698
3: between 0.9382 and 0.8602
Looking at the volume profile, it should be fine until the 3rd TP, after that we'll need more juice to pass.
- Momentum: low volatility, but no confirmation yet MA13/MA30 or EMA9/EMA18
- Location: main reload zone is between 0.7 and 0.53, secondary between 0.64 and 0.61. Ideally wait for a return to secondary RLZ to validate a confluence and limit risks. If the secondary RLZ is broken from below, the structure is invalidated and the trade cancelled. Currently the price is a bit high, but we can return to RLZ at any time.
- Structure: wait for confirmation of the daily "W" by breaking its neckline or by breaking and retesting it.
More info :
- OBV increasing (good)
- negative spreads (good)
- Williman R coming out of his zone of stupidity and crossing his MA13 (good)
- Chop index loaded (big movement incoming)