Waiting for BTCUSD long entry. Bitcoin has gone up exactly D1ATR. From this he began to make corrections. According to fractal rules, the D1ATR50 is a suitable place to start a long position. This level is 5319.12usd. In case I turn north from this level, I enter. The trade target price is 8231.50usd. In the case of SL: 5319.03 usd then RR: 2
I have come to realise that a lot of TA does not work in chaotic situations and we need to factor in a global meltdown and a pandemic into our thinking. Bitcoin could go below 3k and help purge the market of many bad crypto projects.
meszaros
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@tonygun72, Thanks for the comment. In my view, this technical analysis is currently closely following the movement of bitcoin. That's why I'm trading ..... so far with profit.
meszaros
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BTC built a symmetric spike over the D1ATR range. Therefore, I continue to hold the long position.
mikeUkTrading
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I think BTC is about second bottom on 4k, to be expirenced.
meszaros
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@mike1244321, I will continue to maintain my analysis. I hold my long position.
Ahmedbouchaibi
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I am the opposite, why?
1. Bearish engulfing on weekly
3. Btc trading under 200 Ema weekly.
3. Btc Had correction at 5760 U.s equal 0.5 fibo then it bounced.
4. Bearish flag pattern ( on 4 hours) .
5. World in crisis economic
Now is very high risk to invest in btc. I think btc come back to old bottom again 3200$
meszaros
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@bouchaibi16, Thank you very much for this comment. I really appreciate if someone is so precise in their arguments. Currently, 3-month US Treasury yields are priced to cut one dollar interest rate to zero. In my opinion, even though your technical analysis is flawless, perhaps this fundamental approach overrides any technical explanation. If the dollar interest rate falls to zero, the euro rises and the dollar weakens. That's why I assume bitcoin is going up, as the dollar's side will fall. Therefore, I will continue my analysis of the bitcoin long position.
Captain_Walker
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There is serious risk of getting whipsawed on the first bounce north.