I've identified a possible trading opportunity in the BTCUSD market that I'd like to share with you. Based on historical data, there's a high chance (76%) that the price could reach a new all-time high again on at least daily timeframe.
Currently, I'm observing the recent downward movement on the daily chart before the bullish breakout. I'm particularly interested in pinpointing the candle that caused this downward move, as it may help us time our entry.
My attention is on a demand zone labeled X1/1D, which appears to have influenced the breakout. If the price retraces back into this zone and begins to show signs of upward movement on shorter timeframes like the hourly chart, it could present a potential opportunity to consider a long position.
Let's dive into the comprehensive top-down analysis together COINBASE:BTCUSD
12M: not enough data
6M: not enough data
3M:
1M:
2W:
1W:
3D:
1D:
I'll continue to monitor the price action closely and provide updates accordingly.
Your questions and feedbacks are always welcome, so feel free to drop them below.
Comment
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Comment
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Short-term, price perfectly delivered to new hourly highs as per the bias shared yesterday in the comments.
A classic top-down analysis, excellent practice! We've selected this idea for Editors' Picks to show this as an example to our Community. Congratulations and thank you for sharing 🙌🏽
Fractalyst
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@TradingView, Thank you for providing a platform where people can exchange valuable insights and learn from each other. I'm excited to continue sharing more insights in the future!
Tradewizard122
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Interesting analysis. I'm wondering, where did you derive the % from? What do you base your probability % on?
Fractalyst
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@Tradewizard122, The script that I've coded using PineScript calculates bullish and bearish probabilities individually for each break. Check out the description for details on how these probabilities are calculated.
bishnub
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It was really helpful
Fractalyst
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@bishnub Awesome! Let me know what other markets you're interested in
bishnub
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What do you think about Crudeoil
Fractalyst
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@bishnub Bullish, I'll post the topdown in my next post🙌
We've selected this idea for Editors' Picks to show this as an example to our Community.
Congratulations and thank you for sharing 🙌🏽