haris.hronos

BTC/USD short term potential profit!!(Chinese New Year)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello fellow traders,

In my analysis today we see an ascending triangle being shaped from the uptrend line and resistance zone of 9400$.
I am positive that its a good time for some nice profit .
This analysis is not based on the indicators .
( RSI indicator shows that we are closing at the overbought zone which indicates that its not a good time to buy,
MACD indicator doesn't show me something clearly.)
My recommendation today its based more on the upcoming Chinese new year( in 2 days) .
I believe that a good buy point would be after breaking ascending triangle ( 9500$-9600$)
We find resistance zones at 11,700$ , 12,200$ , 13,000$
Profit taking depends on your risk aversion.
THIS ANALYSIS IS BASED ON CHART PATTERN & UPCOMING CHINESE NEW YEAR (NOT INDICATORS)
I would suggest putting stop loss :) (trading news is tricky)
Every year 2-3 weeks before the Chinese New Year we go through some sell-off ( liquidity of investments for some traders).
My Thinking is that the investments which traders liquid these 2-3 weeks will go again into BTC in Chinese New Year.

I wish to everyone profitable trades.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out