mrhashem

Bitcoin $BTC Analysis

Long
CME:BTC1!   Bitcoin CME Futures
Weekly CME has been closed bullish . A Higher High is now Confirmed on CME Weekly scale. Also an Inverse Head and Shoulders is present which its target reach to $12k on CME chart and which is an unfilled gap in there.
It's weekend so expect some crappy candles. But the bigger picture is building quite bullishly.
The Open Interest is also quite high that suggesting a big and Explosive move is near.
But on the other hand if a 12h candle closes below 9600 ( or 4h below 9500 ) it would recommend that the test to the 5 digits BTC is delayed. AND if Bitcoin loses $9200 the bullish case will be closed and down-side targets are back in the game. ( Mid $8k and $7K )

Besides the Weekly RSI is out of the bearish zone and Neutral zone with positive EMA slope.
Order cancelled: Previous weekly wick has been taken out on CME. so a local top is now confirmed.
I closed all my Long Positions and Waiting for a good trade.
Trade active: If a 12H candle close below $9500, the test of mid $8000 is very probable.
On the Other hand if a 12H candle close above 10200, the test of 10500 and probably beyond is more likely to happen.
Until then, it's a range.
Trade closed: stop reached

Without Risk and Position Management, You WILL Lose Money.
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