BTCUSD hitting lower border of pitchfork and 200EMA daily
The orange thick line is the 200EMA daily which is one of the most important EMA for BTCUSD analysis. This is because during the uptrend, BTCUSD rarely dips below the 200EMA tf daily and when it does, it usually means a trend reversal. The price is currently also hitting the lower border of the pitchfork, forming very good support for going long. Other momentum technical analysis also suggest reducing of seller pressure.
By using 15 mins chart and possibly lower, a very tight stop loss can be set with a high chance of a big rebound. And when it does, the risk-reward ratio can be huge and hence why the small tf chart is shown. However, do note that in order to get this entry, I also analyse monthly, weekly, daily, 4 hourly down to 15m and 1m to get a best possible entry.
I am expecting a short term reversal and possibly the end of this wave 2 in the 1st uptrend wave of 2020. A dip below the 200EMA daily, however, would be very negative at least for the short term (unless of course, a false break!).
As always, risk management is key and so control your position sizing accordingly.
By using 15 mins chart and possibly lower, a very tight stop loss can be set with a high chance of a big rebound. And when it does, the risk-reward ratio can be huge and hence why the small tf chart is shown. However, do note that in order to get this entry, I also analyse monthly, weekly, daily, 4 hourly down to 15m and 1m to get a best possible entry.
I am expecting a short term reversal and possibly the end of this wave 2 in the 1st uptrend wave of 2020. A dip below the 200EMA daily, however, would be very negative at least for the short term (unless of course, a false break!).
As always, risk management is key and so control your position sizing accordingly.