The trade above was the trade I originally took in my previous 4h analysis. It is working out great and target is almost reached.
Bitcoin is dropping slowly as expected and the bearish sentiment is building up. News about the VanEck ETF just came out right in time www.coindesk.com/cbo...k-solidx-bitcoin-etf ,
But it had little to no immediate effect on the price. What makes me think we might be due for a nice bounce.
The purple trendline is the longterm trendline connecting the ath 20k to the drop from 6k. As you can see we keep pushing through it and then dump back to it. unless we dump back down below and close it, it is an indication momentum might shift in the short term.
Bitcoin also made a falling wedge pattern on the 4h.
Indicators are quite bearish on all timeframes. On the 4h RSI we have a small downtrend that i'm watching and hoping on a double bottom divergence on the RSI ( above 18 value on the 4h )
I was aiming for 3200 on my short from 4090 , but might close it around 3360.
I am going to flip long at 3320-3360 as first buy zone and 3230-3270 as second buy zone.
Stoploss is the yearly low at 3131.
targets are 3690, 3880 and potentially 3960 and 4040.
R/R = 3.28
Comment:
2 hour RSI ginving some hope
2 hour RSI ginving some hope
Comment:
Got filled on all buys and depending on the break ( if we break ) I target higher around 3690 and 3940.
3340 must hold for now.
Got filled on all buys and depending on the break ( if we break ) I target higher around 3690 and 3940.
3340 must hold for now.
Trade closed: target reached:
3690 target reached.
bought some here