BTCUSD - Daily Timeframe - Ready or almost ready for an upmove
Following our previous analysis on Bitcoin (www.tradingview.com/...a-Big-Consolidation/) we have seen that the currency lagged more than expected the start of the up move which coincides with the "C" leg of the bigger ABC flat type sideways correction this crypto is currently moving in. The range in which this correction has developed is very very big, however, and is therefore worth trading. As of the most recent sessions, it seems that without retesting the bottom trend line of the aforementioned flat, Bitcoin has already commenced the "C" leg upswing, which will take the price of the cryptocurrency in the $ 12000 area. Reason for which, from now on we will be looking for buy setups only on this currency. Watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.