There have been some inconsistent price action and price pumps in the market. Therefore, I would like to give away my thoughts on short and swing trade positions in this market positions.
BTC has been bouncing up and down the support parallel channel over the past 2 days. Now it is approaching to its "break out or break down" point of which upper 2 hour time frame vs the lower 45 minute timeframe. This will be the strongest conformation sign for the upcoming bull run toward the price range between 9000 and 9380 over the next few days. The pump happened yesterday could play as a catalyst to support trader's confidence over the next few days. However, I would like to address that, this region is still a danger trade zone region as BTC can still break down when it reaches the point. ABC correction of the last massive bull run only hit 0.5 Fib level. There is still a chance for BTC to hit the golden zone 0.618 which is still decent for a short position of whom believing in further correction of BTC. Playing safe and sound by setting a tight stop loss just right below the support trendline if BTC does break down.
BTC outlook over the next few weeks, despite the fact that BTC is been showing some really inconsistent price action in the short time frame, BTC is stil doing pretty well in approaching 12000 where BTC approached twice and could not break out in February and March. Therefore, swing positions in this scenario seems more prospective than short term position at the moment.
In general, both longing in short trade and swing trade doesn't seem any problems but risks will need to be carefully considered in short timeframe long positions.
If you find the article is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Also check out my previous TA for a detailed prediction on BTC
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
BTC has been bouncing up and down the support parallel channel over the past 2 days. Now it is approaching to its "break out or break down" point of which upper 2 hour time frame vs the lower 45 minute timeframe. This will be the strongest conformation sign for the upcoming bull run toward the price range between 9000 and 9380 over the next few days. The pump happened yesterday could play as a catalyst to support trader's confidence over the next few days. However, I would like to address that, this region is still a danger trade zone region as BTC can still break down when it reaches the point. ABC correction of the last massive bull run only hit 0.5 Fib level. There is still a chance for BTC to hit the golden zone 0.618 which is still decent for a short position of whom believing in further correction of BTC. Playing safe and sound by setting a tight stop loss just right below the support trendline if BTC does break down.
BTC outlook over the next few weeks, despite the fact that BTC is been showing some really inconsistent price action in the short time frame, BTC is stil doing pretty well in approaching 12000 where BTC approached twice and could not break out in February and March. Therefore, swing positions in this scenario seems more prospective than short term position at the moment.
In general, both longing in short trade and swing trade doesn't seem any problems but risks will need to be carefully considered in short timeframe long positions.
If you find the article is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Also check out my previous TA for a detailed prediction on BTC
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
Comment:
Channel broke!
