H4: The coin is on short term uptrend as we can see on left chart, we have an already confirmed uptrend (3 touches) e therefore we can search for buy oportunities if the price go there again, wait for rejection and then buy.
[WEEKLY]: Im using LOG CHART and then we can see there is a downtrend confirmed by 3 touches and now we broke it upside, now the price is re-testing it again and so far rejecting it, good bull signal.
Daily: We had a clear bull trap above 200 sma that for sure killed some bears stop losses and triggered some early bulls into the market, now this moving average is our current resistance level for aim 6000~6400 level.
So now, whats the plan?
For selling: Wait another test and rejection on the daily 200 SMA.
Buying: Wait anothe test and rejection on our H4 uptrend.
Interesting levels to watch:
1th support level: 4800 usd
Current resistance: 5370 usd (200 sma daily)
Potential upside target: 6000 and 6400 usd. (Medium term)
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This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment
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We are JUST on resistance level now, careful on buying, its smart to wait it to break sma200 with good volume if you are willing to do a "breakout" trade.
Great chart you made, its very possible CME had a great impact on btc behaviour, lets see next week (expiration date) how it'll behave =)
Thanks for sharing your opinion.
Poukitoun
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Nice job!
200WMA is the next strong resistance at around 5600-5700, going above and holding would be very bullish!
IgorPorokh
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@MarcelMartins Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
MarcelMartins
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@IgorPorokh, thx, well we are talking about bitcoin, it does whatever it wants to, but the best way to try predict its movements are not by indicators but price and volume behavior IMO