BITCOIN | Opportunity To Jump On The Wave To $9,000
Hi,
"Possibly, we may get a buying opportunity but there needs to line up some criteria" - these were my words from yesterday's post and luckily, the price action has started to print out a pretty decent buy opportunity.
BTC price has made that mentioned breakout above the down-trendline, pulled from 2019. It occurred with a really powerful 4H candle which allows to trade breakouts. There is a tendency that after the breakout the price retests breakout area and from there it continues to the breakout direction.
Classical breakout trade: wait for a higher timeframe breakout confirmation (we have it, candle close is the confirmation and we have a 4H and Daily candle close above the trendline), buy/sell on the retest.
Currently, we have a pretty powerful retest area and criteria are lined up as they should:
1) The trendline from 2019 high should act as support
2) The minor black dotted trendline should add strength to the retest area.
3) Fibonacci retracement levels 38% & 50%
4) Fibonacci retracement 62% from another low to today's high
5) Short-term higher highs (HH) and higher lows (HL) are supporting that current move.
6) 4H EMA 50 should act as a tiny support
7) Daily EMA 200
8) Strong horizontal price zone ~$8,250
9) The strongest criteria - breakout occurred with a strong and powerful 4H candle. Only one candle several hours ago but this is the key why I would like to share the current buying opportunity.
10) Wait for a smaller timeframe rejection from the green box and as always, wait for a bullish candlestick pattern formation on 1H to get more secure trade.
If it goes as planned then the target should stay around $9,000 because there is another high-probability trading area.
If it doesn't reach inside the marked box then...whatever...next.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
"Possibly, we may get a buying opportunity but there needs to line up some criteria" - these were my words from yesterday's post and luckily, the price action has started to print out a pretty decent buy opportunity.
BTC price has made that mentioned breakout above the down-trendline, pulled from 2019. It occurred with a really powerful 4H candle which allows to trade breakouts. There is a tendency that after the breakout the price retests breakout area and from there it continues to the breakout direction.
Classical breakout trade: wait for a higher timeframe breakout confirmation (we have it, candle close is the confirmation and we have a 4H and Daily candle close above the trendline), buy/sell on the retest.
Currently, we have a pretty powerful retest area and criteria are lined up as they should:
1) The trendline from 2019 high should act as support
2) The minor black dotted trendline should add strength to the retest area.
3) Fibonacci retracement levels 38% & 50%
4) Fibonacci retracement 62% from another low to today's high
5) Short-term higher highs (HH) and higher lows (HL) are supporting that current move.
6) 4H EMA 50 should act as a tiny support
7) Daily EMA 200
8) Strong horizontal price zone ~$8,250
9) The strongest criteria - breakout occurred with a strong and powerful 4H candle. Only one candle several hours ago but this is the key why I would like to share the current buying opportunity.
10) Wait for a smaller timeframe rejection from the green box and as always, wait for a bullish candlestick pattern formation on 1H to get more secure trade.
If it goes as planned then the target should stay around $9,000 because there is another high-probability trading area.
If it doesn't reach inside the marked box then...whatever...next.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Comment:
If the price doesn't reach into the marked area today, then it becomes weaker and weaker until invalid:
Order cancelled:
The buy area is invalid, sadly it didn't reach into the green box, let's concentrate on the selling opportunity around $9100-9350.
Soon I will refresh my thoughts about the red box:
Soon I will refresh my thoughts about the red box:
