The Most Important Levels for BTC/USD After The Elections
The elections in the USA have a strong effect on the price. After seeing the huge surge in the price of gold we also see the major increase in price of BTC. In just three days, the price has increased by 20%.
The dominance of BTC is increasing as well, and alts are bleeding. This behavior is common when BTC is growing a lot in a short period of time. But there is hope, on several earlier occasions such a surge in BTC and BTC Dominance has led to a temporary alt season. When BTC consolidates and the market cap flows back into alts we will see many interesting trading opportunities arise.
I will make sure to report on them whenever I see such opportunities on this account. For BTC itself however, we will struggle to do any technical analysis on shorter timeframes as the price is moving into new territories.
In the chart above I show how to look at horizontal zones in order to find help in charting the current price. Other alternatives for charting such large moves is by using Fibonacci retracements. In today's analysis however I will focus only on horizontal levels.
It's interesting to see that we see the most important levels around the $13,000 mark, the $14,000 mark, the $15,000 mark and the $16,000 mark.
I highlighted two zones explicitly in red, because they are EXACTLY at the psychological levels of $16,000 and $14,000. I consider those extra powerful.
The other levels have been created using the S/R flip principle. The key idea being that horizontal levels can stay important even after they have been broken.
All further info about these levels can be found on the chart. For trades I suggest to keep an eye on the $16,000 and the $15,000 levels. More specifically I suggest to get a short trade in as the price has been ridiculously high recently. A short from the ~16,000 to the ~15,000 would be my first recommendation.
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Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
The dominance of BTC is increasing as well, and alts are bleeding. This behavior is common when BTC is growing a lot in a short period of time. But there is hope, on several earlier occasions such a surge in BTC and BTC Dominance has led to a temporary alt season. When BTC consolidates and the market cap flows back into alts we will see many interesting trading opportunities arise.
I will make sure to report on them whenever I see such opportunities on this account. For BTC itself however, we will struggle to do any technical analysis on shorter timeframes as the price is moving into new territories.
In the chart above I show how to look at horizontal zones in order to find help in charting the current price. Other alternatives for charting such large moves is by using Fibonacci retracements. In today's analysis however I will focus only on horizontal levels.
It's interesting to see that we see the most important levels around the $13,000 mark, the $14,000 mark, the $15,000 mark and the $16,000 mark.
I highlighted two zones explicitly in red, because they are EXACTLY at the psychological levels of $16,000 and $14,000. I consider those extra powerful.
The other levels have been created using the S/R flip principle. The key idea being that horizontal levels can stay important even after they have been broken.
All further info about these levels can be found on the chart. For trades I suggest to keep an eye on the $16,000 and the $15,000 levels. More specifically I suggest to get a short trade in as the price has been ridiculously high recently. A short from the ~16,000 to the ~15,000 would be my first recommendation.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
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This pattern is not very common, so I dedicated a new idea to it including a little educational section that should give you more information on how to draw these in your own TA.
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