BTCUSD is clearly in a down trend but there could be potentially a short-term rebound in the making. Price is currently consolidating at prior support turned resistance zone at 3926. In terms of volume analysis, the price painted on 18 Feb 2019 is showing decent volume ending with a bull candle. Subsequently, the following small bearish candles accompanied with thin volume might suggest selling has been exhausted (area shaded in yellow). We are looking for a long trade once price has closed above 3926 and a retracement back to this level will see us take a long trade targeting 4900 (TP1). Should price goes past this well, we can potentially see price testing 6400. However, a failure to surge past 3926 will see the market potentially testing the support level at 3500.
As this is a counter-trend trade, we will look to secure some profits at 4900 as the first target price.
Set-up as follows:
EP: 3926
SL: 3500
TP: 4900
Cryptocurrencies are not legal tender currency and the trading of derivatives on Cryptocurrencies are very risky. Please ensure that you are fully aware of the risks and if in doubt consult an independent financial adviser.
Best Regards,
Nour Capital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
As this is a counter-trend trade, we will look to secure some profits at 4900 as the first target price.
Set-up as follows:
EP: 3926
SL: 3500
TP: 4900
Cryptocurrencies are not legal tender currency and the trading of derivatives on Cryptocurrencies are very risky. Please ensure that you are fully aware of the risks and if in doubt consult an independent financial adviser.
Best Regards,
Nour Capital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Trade active:
EP has been triggered.
Trade active:
TP Hit!