kyer
Long

$BTC LONG TRADE IDEA

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Market Breakdown - July 10th, 2020

  • Bullish scenario for Bitcoin is that originally I thought that the price would start dumping after losing $9200 support, but it caught a hold of it & this uptrend and is holding respectively

  • Entry point is along the $9200 ($9188) support level with a tight 2% max drawdown SL to be safe and protect your capital

  • With the SPY and other major stocks continuously rising in price, and the fact that Bitcoin & the US Stock market are correlated, we may just see another test of breaking out of this downtrend

  • Bearish case scenario for Bitcoin is that it falls below this trendline and starts falling down to $8650 and below.

  • We could even see a close above this downtrend and a possible nother touch of $9950-$10000 level

Entered to a T @ $9188, price of SL is now moved up to initial entry to avoid capital loss.
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Comments

I still think you're right on this, but I think you need to redraw the support line, a little less steep.
I feel we might be in for a surprise this week. Don't know, it's just a hunch ;-)
+1 Reply
kyer Gaengphed
@Gaengphed, yeah was about to update this chart it needs to be done, gotta update the trendline as it fell out. Still thinking bullish but I guess we'll see this week. Weekly close in 4 hours so we'll se
+1 Reply
Thanks for sharing!
One often overlooked fact is while short-term speculators dominate the actively daily traded BTC, long-term investors actually dominate the entire BTC holding. We are bullish for the long run.
What do you think of our setup below?
+1 Reply
Phi-Deltalytics Phi-Deltalytics
@Phi-Deltalytics, short term setup updated. We are on the bear side for the short term.
+1 Reply
kyer Phi-Deltalytics
@Phi-Deltalytics Good insight on crypto market
Reply
I'm too in long, because if you notice it, in Daily is bull, but in H4 or H1 there are a formation of shoulder head shoulder inverted that you can get it.
Reply
hello,
i am kinnari prajapti,
i have seen your this chart,
very nice work my dear friend.
Reply
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