The skepticism in the market in the last couple of weeks culminates in the limelight for the Bulls as Nasdaq-listed company MICROSTRATEGY recently bought almost 17,000 BTC within the last 74 hours. As the Breakout of Key level at $10,700 last week holds, we are beginning to find a "new" Demand niche around this zone as price consistently makes sharp rejections of this level in the last couple of days.
Tendency: Uptrend (Bullish )
Structure: Trendline | Breakout | Reversal Pattern
Observation: i. The correction phase began at the beginning of this month after the price hits a new high @ $12,400 (first since July 2019) in Aug. 2020
ii. Price finally finds bottom at $9,900 followed by a series of consolidation which transposed into a Reversal structure.
iii. Reversal structure finally leads into a Breakout of $10,700 early last week which was followed by rejections of this level suggesting that Sellers might have finally lost momentum.
iv. In the coming week, I shall be looking to hop in on the rally at sensitive Support levels on a lower time frame to join the rally.
***This might be a very LONG Bull!
Trading plan: BUY confirmation with a minimum potential profit of 5,000 pips.
Risk/Reward: 1:6
Potential Duration: 15to 45 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend (Bullish )
Structure: Trendline | Breakout | Reversal Pattern
Observation: i. The correction phase began at the beginning of this month after the price hits a new high @ $12,400 (first since July 2019) in Aug. 2020
ii. Price finally finds bottom at $9,900 followed by a series of consolidation which transposed into a Reversal structure.
iii. Reversal structure finally leads into a Breakout of $10,700 early last week which was followed by rejections of this level suggesting that Sellers might have finally lost momentum.
iv. In the coming week, I shall be looking to hop in on the rally at sensitive Support levels on a lower time frame to join the rally.
***This might be a very LONG Bull!
Trading plan: BUY confirmation with a minimum potential profit of 5,000 pips.
Risk/Reward: 1:6
Potential Duration: 15to 45 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously