Hi,
Since the collapse, the price of Bitcoin has been on stable growth. Actually, pretty surprisingly, the price movements have stayed quite calm, with steady growth and with a few waves, classical - until to another shake off. :)
Without a small-talk let's jump straight to the action. At the moment, looks like the price has taken a plan to reach $8,000. The road to there can be pretty bumpy but my high-probability trading setup is waiting for me around $8k.
About the obstacles, the current price level (7k) is a pretty strong resistance level. A couple of days ago the price got a rejection from 7k and now it tries to break it again. If you look a bit left then there is a pretty heavy support level from the end of the last year which now acts as a resistance. Secondly, EMAs from the Weekly timeframe and EMAs from the 4-hour timeframe should also make this a bit harder to climb to my pointed price zone BUT they don't interest me. I'm interested in the red box! I'm interested to make short-term "sell" from the red box.
The selling area stays between $7750 - 8,250 and the red box criteria area:
1) Long-term Fibonacci retracement level 38%, pulled from last year high to this year low.
2) Fibonacci retracement level 62%, pulled from this year high to this year low.
3) Waves of AB=CD
4) Channel projection should act as a resistance
5) The round number itself $8,000. In previous trades, this 8k has been pretty lucky number ;)
6) Daily EMAs 50, 100, 200 should all act as resistance levels
7) Weekly EMA50
8) The gray area, a new feature on my criteria lists ;)
9) Fibonacci Extension
10) As always, wait for a bearish price action inside the red box. Let the price action guides you into the trade!
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
Since the collapse, the price of Bitcoin has been on stable growth. Actually, pretty surprisingly, the price movements have stayed quite calm, with steady growth and with a few waves, classical - until to another shake off. :)
Without a small-talk let's jump straight to the action. At the moment, looks like the price has taken a plan to reach $8,000. The road to there can be pretty bumpy but my high-probability trading setup is waiting for me around $8k.
About the obstacles, the current price level (7k) is a pretty strong resistance level. A couple of days ago the price got a rejection from 7k and now it tries to break it again. If you look a bit left then there is a pretty heavy support level from the end of the last year which now acts as a resistance. Secondly, EMAs from the Weekly timeframe and EMAs from the 4-hour timeframe should also make this a bit harder to climb to my pointed price zone BUT they don't interest me. I'm interested in the red box! I'm interested to make short-term "sell" from the red box.
The selling area stays between $7750 - 8,250 and the red box criteria area:
1) Long-term Fibonacci retracement level 38%, pulled from last year high to this year low.
2) Fibonacci retracement level 62%, pulled from this year high to this year low.
3) Waves of AB=CD
4) Channel projection should act as a resistance
5) The round number itself $8,000. In previous trades, this 8k has been pretty lucky number ;)
6) Daily EMAs 50, 100, 200 should all act as resistance levels
7) Weekly EMA50
8) The gray area, a new feature on my criteria lists ;)
9) Fibonacci Extension
10) As always, wait for a bearish price action inside the red box. Let the price action guides you into the trade!
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
Regards!