TomProTrader

BTC/USD - Watch For A Buy

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders,

Here we have BTC/USD on the 4H chart.

BTC/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.

Price has bounced on horizontal support. When price was testing the support previously it was making lower highs. But on the last retest of support on 6th February, it is having clear a higher high, which indicates bullish momentum. The side-wards line is very likely to be retested as support.

I am expecting Bitcoin to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 6610 before the up move begins.

This trade could play out in 2 ways, I have outlined these below:

-Price successfully breaks out, and retests the side-wards resistance line at 6610. Price then has an up move to the target zone at 12110.
-Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 12110.

Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.

If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.
update please Please tell me where to take it
+1 Reply
TomProTrader dogalkozmatik
@dogalkozmatik, Do as your trading strategy tells you.
Reply
@TomProTrader you still believe the retest of sideward resistance of 6610 possible? Please answer..
+3 Reply
TomProTrader bhuvneshj
@bhuvneshj, Possibly.
Reply
@bhuvneshj, PLEASE ANSWER
Reply
bearthedog1319 bearthedog1319
@bearthedog1319, NOTICE ME SENPAI
Reply
bhuvneshj bearthedog1319
@bearthedog1319, i think u want to ask to @TomProTrader
Reply
how to know trade 2 in in play? Thank you
+1 Reply
@Danielkh, Watch for a retest of the side-wards resistance turned support. That's the safest buy opportunity.
Reply
Danielkh TomProTrader
@TomProTrader, you still believe a retest of the side-wards resistance/support 6610 is possible? Thanks
+1 Reply
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