Hi,
Bitcoin price has reached to the possibly short-term BUY area. It can be easily a mid-term bottom but to be honest, this area is pretty risky. Firstly, we have several idea posts from analysts who talk about this area, this is bad because you know - bet against the crowd ;) Luckily, I start to see more those "arrows-to-the-anywhere-idea-posts", which is great because price action has mixed it up and things are not so obvious.
The last "Sell" idea post played out very nicely and the downwards movement drove to price to the current price levels - to the possible short-term reversal area. "Short-term, short-term", I mention this because as said, this area is a bit risky but if I trade it, then I search only buy opportunities, I react only after I have seen a solid rejection from lower timeframes inside the green area and my target stays around $8,800!
The green area is a possible reversal area and it consists of:
1. 3x Fibonacci Extension - 127%, 127%, 161%
2. Fibonacci retracement 62%
3. The middle number $8,500 should act as a support level
4. 3X AB=CD
5. Two strong price levels/support levels (light-blue lines)
6. 3X Channel projections
7. Minor black trendline, a bit subjective but the third touch should work as a support inside the green area.
8. 4H RSI divergence
9! Wait for rejections from lower timeframes.
As said, it is a bit risky because I have posted a similar idea post where multiple channel projections made up a crossing area but I was wrong. The current setup has a bit stronger support and in general, a bit stronger price level but still I don't want to trade without any rejections.
* If the price doesn't reach inside the marked area then forget it.
* The sooner it reaches the better the setup is.
* Strongest price level inside the green area stays around $8,400
* Target should stay around $8,800-$8,900
*! To be more secure, wait for a bullish candlestick pattern at least from 1H (Engulfing, Morning Star)
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Regards,
Vaido
Bitcoin price has reached to the possibly short-term BUY area. It can be easily a mid-term bottom but to be honest, this area is pretty risky. Firstly, we have several idea posts from analysts who talk about this area, this is bad because you know - bet against the crowd ;) Luckily, I start to see more those "arrows-to-the-anywhere-idea-posts", which is great because price action has mixed it up and things are not so obvious.
The last "Sell" idea post played out very nicely and the downwards movement drove to price to the current price levels - to the possible short-term reversal area. "Short-term, short-term", I mention this because as said, this area is a bit risky but if I trade it, then I search only buy opportunities, I react only after I have seen a solid rejection from lower timeframes inside the green area and my target stays around $8,800!
The green area is a possible reversal area and it consists of:
1. 3x Fibonacci Extension - 127%, 127%, 161%
2. Fibonacci retracement 62%
3. The middle number $8,500 should act as a support level
4. 3X AB=CD
5. Two strong price levels/support levels (light-blue lines)
6. 3X Channel projections
7. Minor black trendline, a bit subjective but the third touch should work as a support inside the green area.
8. 4H RSI divergence
9! Wait for rejections from lower timeframes.
As said, it is a bit risky because I have posted a similar idea post where multiple channel projections made up a crossing area but I was wrong. The current setup has a bit stronger support and in general, a bit stronger price level but still I don't want to trade without any rejections.
* If the price doesn't reach inside the marked area then forget it.
* The sooner it reaches the better the setup is.
* Strongest price level inside the green area stays around $8,400
* Target should stay around $8,800-$8,900
*! To be more secure, wait for a bullish candlestick pattern at least from 1H (Engulfing, Morning Star)
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Regards,
Vaido
Comment:
Still valid!
Order cancelled