TradingShot

BITCOIN Quick buy opportunity

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Unlike what I usually publish, this is a very short-term idea on Bitcoin on the 4H chart, where I see the following:

- A strong accumulation zone in the form of a Channel Up, where the price is mostly consolidating and buyers are accumulating.
- A Support Zone (green region) which has been instantly and very aggressively bought twice.
- A Resistance Zone (red region) which is the 2020 High so far and was sold aggressively.

While the LMACD is forming a buy pattern, the RSI is descending, indicating a weakness on the current trend. Keeping the above Support/ Resistance levels in mind, Bitcoin seems to be on the final 4H consolidation zone before a Resistance test. This quick buy signal should be taken very cautiously due to the relative strength weakness.

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Comments

Very interesting. However, with strong resistance at 12K, we believe that there is a probability of seeing a corrective trend play out:

+2 Reply
Nice idea
+2 Reply
RocketBomb MartyBoots
Reply
I like this but your sell should be around 14k possibly for pull back
+1 Reply
AgreeπŸ‘
+1 Reply
For this is a swing trade no go, we're far closer to the resistance line than we are to the support line... even considering the higher one than you marked, the risk/reward ratio is thus too high... IMHO it's best to wait for better swing trade opportunities UNLESS you're just accumulating for the long haul in which case go for it... in this case you might get better prices holding out for a bit, and you might not.
Reply
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